Bitcoin (BTCUSD) Advances Towards Its All-Time High of $73,840

BTCUSD Advance Towards the $73,840 Key Level

BTCUSD advances upward, approaching its all-time high of $73,840. After a prolonged bearish phase that began following the previous record high, buyer exhaustion allowed sellers to dominate the market. However, the bulls managed to maintain a presence, structuring the market into a bullish flag formation, which set the stage for a reversal.

BTCUSD Key Levels

Supply Levels: $69,000, $73,000, $73,850
Demand Levels: $59,000, $60,675, $64,000

Although the bullish flag was not perfectly formed, it effectively facilitated a resurgence in bullish momentum, particularly from the $60,675 support level. This momentum enabled a successful breakthrough of the confluence of the flag’s upper border and the significant $64,000 level. Currently, BTCUSD has surpassed several key levels and is steadily moving toward the $73,840 target.

Crypto signals indicate a strengthening market. On the daily chart, the Moving Average (MA) Cross has shifted upwards, supporting the price movement beyond the confluence point. Simultaneously, the Relative Strength Index (RSI) has climbed above the 50 mark and continues to rise towards the overbought region, reflecting increasing bullish sentiment.

Market Expectations

On the 4-hour chart, the MA Cross lines have consistently crossed upwards, now serving as support beneath the candlesticks. The RSI has also made significant strides, advancing further into the overbought zone. Overall, crypto signals suggest a bullish outlook for Bitcoin, with expectations of a price increase to $73,000 before further market reactions.

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