Bitcoin may see relief rally to $11K after Dollar Strength Index soars

The price of Bitcoin has been stagnating in recent weeks, as it couldn't break above $11,000 and couldn't drop below $10,000, the ultimate sign of a continued range-bound structure.

Such a range-bound and sideways structure could strengthen some relief on the markets, as the altcoins - especially the DeFi sector - have seen massive selloffs in recent weeks.

What's next for Bitcoin as the futures expiration day is tomorrow, which most likely will cause short-term volatility?

Bitcoin is still waiting to fill the CME gap as the downtrend continues.

Bitcoin and other assets might see a relief rally if the USD corrects.

Since the price of Bitcoin is now resting on a support level and the U.S. Dollar might be topping out, a relief rally may be expected.

One bearish factor is the recent negative market sentiment, which is a heavy argument against a short-term relief rally.

In any case, a rally towards $10,700-11,000 is on the tables, as the 2-hour chart shows.

If that occurs, a potential relief rally towards the upper resistance zones is likely.

This relief rally can't be stated as a potential bottoming structure on the markets in general.