Bitcoin’s price has pulled back after recently trading above the $120,000 level, currently stabilizing in the vicinity of $114,000. This retracement occurs as investors assess the outlook for the US dollar.
The US dollar index has declined approximately 10% year-to-date, making dollar-denominated assets like Bitcoin potentially more attractive to holders of other currencies. Market analysts are now watching for a potential rebound in the dollar, which could exert downward pressure on Bitcoin’s valuation.
Key technical support for Bitcoin is currently identified around the $110,000 mark. Holding above this level is viewed as critical for maintaining the positive structure and enabling future upward momentum.
While Bitcoin navigates these conditions, Ethereum is demonstrating notable resilience. The asset reportedly continues to experience steady institutional accumulation, contributing to overall positive market sentiment surrounding ETH.