The Bitcoin indicator was green at the end of the week and the price of the coin managed to rise above the $34,000 level.

As the price of Bitcoin rose by 7% in the last week, which reflected positively on most of the prices of alternative digital currencies, bringing the total market value of the crypto market to above $1.4 trillion.

The upside target now for Bitcoin is to try to break the $35,000 resistance level and the $40K psychological resistance.

But there are some indicators and analyzes that see that there are many obstacles for Bitcoin to overcome to reach the level of 40 thousand dollars, and they are as follows:

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The recovery of the dollar may threaten the price of Bitcoin:

According to data obtained fromDelphi Digital“One of the biggest factors putting pressure on the bitcoin price is the rally in the US dollar that appears to be trying to reverse the trend after dropping below 90 in late May.

A stronger dollar has halted the year-round uptrend in the 10-year US Treasury yield, which also reflects that the economic expansions seen in the first half of 2021 are starting to lose steam.

For information, the DXY index or the US dollar index is an indicator that provides a look at the value of the United States dollar in relation to a basket of foreign currencies, so when the index rises, it shows that the US dollar is gaining “strength” compared to other currencies, including Bitcoin.

The DXY is currently pointing at 92.9 at the time of the article, a rise of 0.08% in the last 24 hours.

The sign of the death cross is not over yet:

We mentioned in previous articles on Arab Bitcoin about the appearance of the death cross indicator in the Bitcoin chart that appeared in late June.

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According to the analysts at Delphi Digital, the 12-month moving average is being tested as support, and a drop below this level would indicate a further decline in the BTC price.

The 12-month moving average has been a major support level for bitcoin historically, so how the price performed near that level could determine if the current uptrend remains intact.

Read:Bitcoin returns to the level of 62 thousand dollars and the total value of the market regains 100 billion dollars

In general, traders should be careful because historically lower trading volumes have led to higher volatility when fewer open offers lead to rapid price swings.

Kevin Kelly, certified financial analyst at Delphi Digital, explained:

The short-term outlook turns further down near $30K.

I don’t necessarily think we’ll see a significant downturn as we did beyond December 2017, early 2018, and into the end of that year.

But I think, just looking at the market structure, we’re likely to be in for a bit more volatility in the short term and maybe some headwinds in the near term.

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