Bitcoin (BTCUSD) Faces Initial Resistance at $72,000

BTCUSD Faces Rejection and Retraces to $66,900

BTCUSD faces an initial rejection at the $72,000 level, triggering a retracement in the market. Despite Bitcoin’s attempt to establish a new all-time high, it has grappled with persistent bearish pressure. Although the anticipated Bitcoin Halving event coincided with a bullish reversal flag structure, the immediate impact was minimal.

BTCUSD Key Levels

Supply Levels: $69,000, $72,000, $73,840
Demand Levels: $66,900, $60,675, $57,000

After dropping to approximately $57,000, buyers regained momentum, leading to a price increase and breakout from the flag structure. However, the journey upward was met with resistance at $66,900, although Bitcoin managed to surpass this level. The rejection at $72,000 has prompted a retreat back to $66,900.

The Parabolic SAR (Stop and Reverse) dots have remained below the daily candles since the price rebounded from the $57,000 support level, despite the struggles encountered en route to $72,000. However, the persistence of the dots below the candles may soon change. Additionally, the EFI (Elders Force Index) power line, which previously surged above the zero level, is now declining toward it following the rejection at $72,000.

Market Expectations

On the 4-hour timeframe, the Parabolic SAR dots have shifted above the candles, signaling the rejection upon testing $72,000 and the failure to defend the $69,000 level. Similarly, the EFI has dropped below the zero level from its peak. Despite this setback, Bitcoin may still recover and retest the $72,000 resistance level shortly.

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