Bitcoin (BTCUSD) Fails To Hit New All-Time High

BTCUSD Fails To Reach Its New ATH

BTCUSD fails to overcome the challenges of surpassing its newly established all-time high. By mid-March, Bitcoin had broken previous records to achieve a remarkable price milestone. However, a decline was anticipated after the achievement, leading the coin’s value to recede to $60,675. While the bulls tried to recover, sellers equally intensified their influence on the market.

BTCUSD Key Levels

Supply Levels: $75,000, $73,000
Demand Levels: $69,000, 64,000

Upon surpassing the significant level of $69,000, Bitcoin encountered resistance. This resulted in approximately a week of sideways trading and consolidation above this level, reflecting the ongoing battle between buyers and sellers. Ultimately, sellers gained momentum, pushing Bitcoin downward to approximately $64,000.

During the consolidation phase above $69,000, the Elders Force Index (EFI) approached equilibrium, signalling the diminished strength of buyers during this period. On the daily chart, the price’s descent below the $69,000 threshold coincided with trading beneath the 20-day Moving Average (MA).

Similar patterns observed on the daily timeframe are mirrored on the 4-hour chart. The price continues to trade below the 20-day MA, and the EFI indicator initially hovers around equilibrium before declining below it. The $64,000 level represents crucial support, which buyers could utilize to regain lost ground. Presently, Bitcoin aims to rally and reclaim the $69,000 threshold.

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