June 4, 2023

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Bitcoin has been struggling with low price movements and trying its best to retest the previous resistance position of the crypto when the bullish cycle was dominant over the bearish cycle but is failing miserably at each try.

At present, the situation of the whole crypto market is dire; it is not only Bitcoin that is giving out the worst possible performance as Ether, BNB token, and various other assets; these are also at their all-time low in terms of a bullish performance, and the market seems dominated by the bearish run and consistent corrections.

Although it was said many times earlier by crypto analysts and whatnot that the situation will get more decent with the passage of time, but it seems to have backfired completely.

Bitcoin Needs a Bullish Hit

To talk about numbers, Bitcoin has lost 1% of its total value in the last 24 hours and has seen a decline of 8% taking into account the overall performance of the asset on the weekly charts.

When Bitcoin was able to close its August candle on the resistance level of $20K, it was assumed that a new bullish run would start from now on and from there, it is the upward trajectory for the cryptocurrency, but nothing of the sort happened.

As for Ether and Binance tokens, these have also postponed themselves to their previous all-time high resistance position, which is something of an achievement, but the overall situation is still direr when compared to the upward movement of the dollar against all of these different assets.

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The dollar and its consistently upward trajectory are still becoming a hurdle for the crypto market in general, as shown by the DXY index of the crypto market that controls and showcases the movement of the American Dollar against the crypto market and the charts show that at presently Dollar is winning and kicking the crypto market at every possible turn.

The volatility factor is at its all-time high, and so is the intrinsic value of the Dollar; the fiat currency has never been stronger than it presently is, which poses some serious threats to the whole crypto market.

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