Bitcoin demonstrates stability above $108,000 as macroeconomic indicators suggest the potential for a bullish market.
Dollar Weakness and Its Impact on Bitcoin
CryptoQuant's latest analysis shared by analyst Darkfost highlights the consistent inverse relationship between the U.S. Dollar Index (DXY) and Bitcoin. Data shows that when DXY trades below its 365-day moving average, Bitcoin often enters a strong uptrend. Historical examples of such rallies occurred in 2013, 2017, and 2020. As of mid-2025, DXY is once again below its 365-day average, indicating the potential for the next bullish cycle.
ETF Inflows and Spot Premiums Support Price Stability
Market analyst Daan Crypto Trades reports that Bitcoin's spot premium remains stable due to ongoing institutional buying through ETFs. Bitcoin is currently trading above $108,000 while the perpetual futures basis sits slightly negative at -0.05%. This implies cautious sentiment where real demand is outpacing leveraged speculation.
Key Price Levels and Momentum Indicators
As of July 9, 2025, Bitcoin is priced at $108,618 with a minor daily decline of 0.29%. The updated chart shows BTC consolidating between resistance at $112,040 and a new support level at $104,768. The Relative Strength Index (RSI) is at 55.95, indicating mild bullish momentum. Trading volume remains low, confirming market indecision during this consolidation. A breakout above $112,000 could open the path for further gains, while a drop below $104,768 may lead to bearish pressure.
Until a clear catalyst emerges, Bitcoin is expected to continue trading within this narrow range, highlighting existing market uncertainty.
