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BTCUSD Bullish Momentum Takes a HitBTCUSD Bullish Momentum Takes a Hit
BTCUSD bullish momentum has encountered resistance as it struggles to surpass the significant $73,000 level. Following its breakout from the ascending channel, the BTC market exhibited robust bullish activity, achieving a new all-time high at $73,840. However, this surge was short-lived, leading to a retracement towards the $60,675 demand level.
BTCUSD Key Levels
Supply Levels: $69,000, $73,000, $73,850
Demand Levels: $59,000, $60,675, $64,000,
Despite the formation of a bullish Pennant structure, the market’s attempts to break out beyond $73,000 have been thwarted, resulting in a stalled move. Currently, the BTC market has retreated below the Pennant formation, revisiting the $60,675 demand level, from which it is striving to initiate another rally.
Crypto signals suggest the market is entering a consolidation phase, with price oscillating between $73,000 resistance and $60,675 support levels. The Bollinger Bands are constricting around the daily candlesticks, with the lower band extending towards the $60,675 demand level. Additionally, the Momentum indicator indicates a decline in market momentum, registering negative values.
Market Expectations
On the 4-hour timeframe, the Bollinger Bands have tightened further around the candlesticks, closely tracking the market’s oscillations between the key levels. The Momentum indicator displays fluctuating momentum, with its line oscillating up and down. Historically, as the Bitcoin Halving event approaches, the market typically experiences a drop in momentum before a potential price surge. This pattern appears to be unfolding currently.
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