Bitcoin (BTC) price prediction: BTC/USDT retraces below $100,000, but the S&P 500 Index (SPX) and the US Dollar Index (DXY) have risen sharply following the announcement of the US-China trade agreement.

Bitcoin (BTC) has started the new week on a cautious note, falling below $103,000, but the S&P 500 Index (SPX) and the US Dollar Index (DXY) have risen sharply following the announcement of the US-China trade agreement. One of the reasons could be that other assets are trying to play catch up with Bitcoin, and the sharp rally in the US dollar may be acting as headwinds for Bitcoin in the near term.

Bitcoin price slipped on Monday, but the S&P 500 Index and the US Dollar Index rose sharply following the announcement of the US-China trade agreement.

One of the reasons could be that other assets are trying to play catch up with Bitcoin, and the sharp rally in the US dollar may be acting as a headwind for Bitcoin in the near term.

Bitwise European Head of Research André Dragosch said in a post on X that the firm’s proprietary indicator has reached its highest level since 2024.

Historically, high levels of the indicator have resulted in a short-term correction or sideways price action.

The short-term uncertainty has not stopped the long-term bulls from adding more Bitcoin to their portfolio.

Michael Saylor’s Strategy has acquired 13,390 Bitcoin at an average price of $99,856 between May 5 and May 11. The latest purchase has boosted the firm’s haul to 568,840 Bitcoin.

Crucial Bitcoin, altcoin support, resistance levels to watch

The S&P 500 Index gapped up sharply on Friday and rose above the stiff overhead resistance at 5,800.

Time is running out for the bears. If they want to prevent the upside, they will have to fiercely defend the 5,800 level and quickly drag the price below the 20-day exponential moving average (5,570). If they manage to do that, the index could start a deeper correction toward 5,400.

Instead, if the price closes above 5,800, the up move may continue toward the 6,000 level. There could be a minor halt at 6,000, but if the bulls prevail, the index could retest the all-time high at 6,147.

US Dollar Index breached the 20-day EMA (100.42) on May 8, indicating that the bears are losing their grip.

Sellers tried to pull the price back below the 20-day EMA on May 9, but the bulls held their ground. The index has reached the 50-day simple moving average (102.08), which is expected to behave as resistance.

If the price turns down from the 50-day SMA but finds support at the 20-day EMA, it suggests a positive sentiment. That increases the likelihood of a rally to 103.54 and thereafter to 104.68.

Bitcoin turned down from $105,819, signaling that the bears remain active at higher levels.

The first support on the downside is at $100,000, and below that, the 20-day EMA ($97,238). If the price rebounds off the support zone, the bulls will again try to kick the BTC/USDT pair above $109,588. If they can pull it off, the pair could ascend to $130,000.

Conversely, if the price turns down and breaks below the 20-day EMA, it signals that buyers are booking profits at higher levels. That opens the doors for a fall to $93,000 and then to the 50-day SMA ($89,302).

Ether bulls are trying to sustain the price above $2,550, but the bears have kept up the selling pressure.

If the price skids below $2,435, the ETH/USDT pair may fall to $2,320. If the price rebounds off $2,320, the bulls will try to resume the up move. There is resistance at $2,850, but if it is crossed, the pair could reach $3,000.

Contrary to this assumption, if the price turns down and breaks below $2,320, it suggests that the bulls are booking profits. The pair may drop to the breakout level of $2,111, which is likely to act as support.

XRP broke above the resistance line on May 10, and the bulls successfully held the retest of the breakout level on May 11.

The bulls have strengthened their position by pushing the price above the $2.50 resistance. There is minor resistance at $2.65, but if the level is scaled, the rally could reach $3. Such a move signals a potential trend change.

Alternatively, if the price turns down sharply from $2.65 and breaks below the 20-day EMA ($2.27), it signals a possible range formation in the near term. The XRP/USDT pair could swing between $