Bitcoin (BTCUSD) Buyers Exhausted at Critical Level of $30410.0

BTCUSD Analysis – Market Buyers Exhausted at Key Level of $30410.0

Bitcoin (BTCUSD) is currently experiencing a significant shift in sentiment. Buyers driving the price upwards seem to have lost their momentum and strength at $30,410. This loss of buying power has resulted in a downturn in the market. Previously, the market was steadily rising step-wisely, but now the upward trend has stalled.

BTCUSD Key Levels
Supply Levels: $30410.0, $34760.0, $37790.0
Demand Levels: $24810.0, $19460.0, $16360.0

The exhaustion of BTCUSD buyers just before surpassing the $30,410 level suggests that the coin’s price is unlikely to continue its upward trajectory. Instead, it is anticipated to revert to the support level of $24,810. Several indicators are pointing towards a bearish trend in the market.

The daily EFI (Elders Force Index) power line, which had been struggling to stay above the equilibrium line, has now fallen below zero, indicating a stronger influence of bearish forces. Furthermore, the Momentum indicator on the daily chart shows that market momentum has shifted into negative territory.

Market Expectations

Analyzing the 4-hour timeframe, the EFI indicates a dominant bearish presence with the power line remaining below zero since mid-July. Additionally, the Momentum indicator shows a further drop in negative values. There is a possibility that Bitcoin may attempt to bounce back upwards by leveraging the lower border of the ascending channel. However, if this attempt fails, the price will likely continue plunging toward the $24,810 support level.

 

How To Buy Lucky Block

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.