Bitcoin (BTC) bulls are trying to start the week on a positive note by pushing the price above $85,000. Michael Saylor’s Strategy has used the recent dip to buy 3,459 Bitcoin for $285.5 million at an average price of $82,618. That boosts the total holding of the firm to 531,644 Bitcoin purchased at an average price of $67,556.
However, not everyone is bullish in the near term. Several institutional investors seem to have trimmed their holdings. CoinShares reported on April 14 that digital asset exchange-traded products (ETPs) witnessed $795 million in outflows last week. The $7.2 billion in outflows since February have reversed nearly all year-to-date inflows, now at just $165 million.
Daily cryptocurrency market performance. Source: Coin360
Although Bitcoin seems to have bottomed out in the short term, a roaring bull market rally is unlikely to start in a hurry. The tariff headlines and the outcome of the tariff talks between the United States and other countries could dictate the price action.
Could Bitcoin build upon the recovery, pulling altcoins higher? Let’s analyze the charts to find out.
S&P 500 Index price analysis
The S&P 500 Index (SPX) witnessed a hugely volatile week, but a positive sign is that lower levels attracted solid buying by the bulls.
SPX daily chart. Source: Cointelegraph/TradingView
After the massive volatility of the past few days, the index could enter a quieter phase. Sellers are likely to sell the rallies near 5,500, while the bulls are expected to buy the dips to the 5,119 support. That signals a possible range-bound action between 5,500 and 5,119 for some time.
The next trending move is expected to begin after buyers push the price above 5,500 or sink below 4,950. If the 5,500 level gets taken out, the index could surge to 5,800.
US Dollar Index price analysis
The US Dollar Index (DXY) has been in a freefall since turning down from the 20-day exponential moving average (102.81) on April 10.
DXY daily chart. Source: Cointelegraph/TradingView
Buyers defended the 99.57 level on a closing basis on April 11, but the bears renewed their selling on April 14. If the price closes below 99.57, the index could tumble to 97.50 and, after that, to 95. The longer the price remains below 99.57, the greater the risk of starting a new downtrend.
If buyers want to prevent a downward move, they will have to swiftly push the price back above 99.57. That could start a recovery to 101.
Bitcoin price analysis
Bitcoin broke above the resistance line on April…
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