Bitcoin (BTCUSD) Has Yet to Find A Breakthrough

BTCUSD Has Not Found a Way Out of Consolidation

Bitcoin (BTCUSD) has demonstrated resilience within the upper range of its parallel channel, yet it has not managed to secure a definitive breakout. The market currently grapples with dual constraints: a resistance level of $45,000 and confinement along the middle line of the parallel channel.

BTCUSD Key Levels
Supply Levels: $45,000, $47,570, $50,000
Demand Levels: $42,000, $39,800, $38,000

This juxtaposition of key levels creates a triangular pattern, suggesting a potential breakout to the upside. Despite this anticipation, the cryptocurrency currently faces challenges in gaining significant momentum.

The impact of price consolidation is observable in the behavior of technical indicators. The Parabolic SAR (Stop and Reverse) alternates around daily candlesticks, reflecting the market’s indecision. Simultaneously, the Relative Strength Index (RSI) has gradually descended from its overbought territory and is traversing laterally in the upper portion of its chart.

Examining the 4-hour timeframe accentuates the pronounced price accumulation, as evidenced by the dynamic shifts of Parabolic SAR dots above and below candlesticks. The RSI line covers the entire spectrum from oversold to overbought. The analysis suggests that, after consolidation, Bitcoin is poised for a breakout to the upside.

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