Bitcoin price nears final hurdle at $12K before bull market euphoria

The price of Bitcoin had to hold the crucial support level between $11,100-11,300, and it did.

The weekly is showing one massive crucial level that's been a hurdle for Bitcoin in the previous years.

The U.S. Dollar has been showing weakness since the massive crash in March 2020, causing the prices of gold, silver and Bitcoin to surge heavily.

The DXY is a great indicator to derive momentum on other "Safe haven" assets like gold, silver and Bitcoin.

As the dollar has been showing weakness, Bitcoin continued to climb since the March crash.

Such a correlation has also been seen in Bitcoin recently as BTC has been moving in lockstep with gold in recent months.

Altcoins are getting crushed by the recent moves in Bitcoin.

The moment that Bitcoin goes up while altcoins are getting sold off means that there's money flowing from altcoins into Bitcoin.

Moving forward, It's very likely to see Bitcoin's market dominance surge upward from here, with altcoins selling off further.

Critical indicators for the markets in the short term are the strength of Ether, and thus altcoins, against Bitcoin and the overall movements of the U.S. Dollar Currency Index.