Bitcoin is currently exhibiting strong bullish momentum as its price surpasses significant short-term resistance levels. This upward movement has triggered a considerable short squeeze, leading to the liquidation of numerous short positions and propelling the price even higher.Crypto World analyst Josh highlights a notable decline in the U.S. Dollar Index (DXY) on Bitcoin’s daily chart. A falling DXY is typically positive for Bitcoin and the broader cryptocurrency market since these assets often appreciate when the dollar weakens. Josh emphasizes that this bearish trend in the DXY has served as a robust bullish signal for Bitcoin, a sentiment validated by recent price actions.Despite these gains, Bitcoin’s price continues to trade within a substantial descending broadening wedge pattern. The resistance boundary of this pattern lies around $68,500, while the support is approximately at $53,000. As long as Bitcoin remains below this resistance and continues to form lower highs, the overall trend is considered technically bearish.Conversely, should Bitcoin break above the $68,500 to $69,000 range and secure a daily close beyond this threshold, it would indicate a bullish reversal with potential targets extending to the $80,000 region.**Recent Price Movements and Key Levels**In recent trading sessions, Bitcoin has successfully overcome crucial resistance levels, which have now transitioned into support zones. Notably, the previous resistance between $60,000 and $61,000, along with the area around $62,800 to $62,900, have been breached and should now provide support. If Bitcoin fails to maintain above the $62,800 mark, the next support level to monitor lies between $60,000 and $61,000.Looking ahead, the immediate resistance level is situated around $64,500. A decisive break above this point would shift focus to the subsequent major resistance between $67,000 and $68,300, aligning with the descending resistance line at $68,500.