BTCUSD Bearish Pressure Denies a Bullish Run
The BTCUSD bearish pressure is currently denying the Bulls a free run. The Bitcoin market has expended much bullish strength over the past six weeks. This culminated in the market shattering its previous all-time high record. BTC price rose to $73,840, and the bulls eventually tired out. This paved the way for sellers to introduce downward pressure into the market.
BTCUSD Key Levels
Supply Levels: $75,000, $73,000, $69,000
Demand Levels: $64,000, $59,000, $47,000
As a result of the bullish weakness, the downward pressure caused the price to move downward and below the just-broken all-time high. Nevertheless, at $60,675, the buyers have revived and regrouped to regain dominance. This was achieved until BTCUSD rose to $71,750. The lingering bearish pressure in the market has resulted in a drop back to $64,000.
The daily candlesticks initially leaning heavily on the middle line of the Bollinger Band has now dropped below it, in addition to the $69,000 significant level. BTCUSD bulls are now restarting their potential rally from there. The Stochastic Oscillator lines highlight the latest bearish blow of the market by having its lines fall again towards the oversold border after reaching the 50 mark.
Market Expectations
On the 4-hour timeframe, the Bollinger Bands constricted around the candlesticks, giving rise to the possibility of an accumulation just before the price dropped below $69,000 and stretched down the lower Bollinger Band. The Stochastic Oscillator lines have just dropped below the oversold border but with potential to rise. It is anticipated that despite the lingering pressure, as in previous times, the buyers will accumulate until they find the right time to spike upward.
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