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Bitcoin Faces Increasing Pressure Despite Rally
Bitcoin encounters bearish resistance on the path to $38,000. Despite a recent rally, the coin is currently grappling with increasing bearish pressure as it endeavors to attain a significant level of $38,000. BTC buyers have maintained control of the market, propelling the coin to a remarkable 43% price increase within a month. This surge follows a three-month period during which the market traded below $30,000.
BTCUSD Key Levels
Supply Levels: $38,000, $42,570, $46,000
Demand Levels: $35,000, $33,700, $28,000
Having broken through barriers and surged to $35,000, BTCUSD now confronts heightened resistance from sellers. While the bullish momentum has encountered some deceleration, buyers have managed to lift the price to the $38,000 threshold, intensifying the pressure on the cryptocurrency.
Analyzing the daily chart, the extension of candlesticks beyond the upper Envelope boundary signifies the prevailing bullish sentiment. However, the EFI (Elders Force Index) reveals bearish pressure through a depression in its power line, albeit remaining above the zero level. The power line is on an upward trajectory, indicating a potential struggle between bullish and bearish forces.
BTCUSD Market Expectations
On the 4-hour chart, the price has adjusted to align with the middle line of the Envelope indicator due to mounting pressure. Simultaneously, the EFI power line has approached the equilibrium line, reflecting increased bearish pressure. A potential scenario involves a pullback for a retest at $35,000 before a concerted effort to break through the $38,000 resistance level.
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