Bitcoin price action is displaying several warning signs that could indicate a short-term price decline despite an overall bullish macro landscape.
Technical analysis of both Bitcoin and the US dollar charts, combined with the M2 global liquidity index, suggests BTC may face downward pressure in the coming weeks before resuming its upward trajectory.
The cryptocurrency is currently struggling at the 50-day moving average while facing resistance from a lower high trend line.
US Dollar Correlation Points to Bitcoin Price Consolidation Phase
The US dollar chart reveals similarities between current market conditions and those observed in July 2017.
According to the analysis, the US dollar is currently breaking a key trend line and testing the lower boundary of a long-term wedge formation. This pattern closely resembles what occurred during the first Trump administration in mid-2017.
Source: X
What makes this correlation particularly relevant is how Bitcoin behaved during t
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