Bitcoin (BTCUSD) Is Accumulating Below $38,000

BTCUSD Accrues Momentum to Bypass the $38,000 Mark

BTCUSD is accumulating just below the significant $38,000 level, strategically positioning itself to gather momentum for a breakthrough. Even with the market’s initial bullish momentum, it has taken longer to break above the crucial $38,000 resistance level.

BTCUSD Key Levels

Supply Levels: $38,000, $42,570, $46,000
Demand Levels: $35,000, $33,700, $28,000

Even the presence of an expanding triangle structure has not proven entirely effective in facilitating the coin’s advancement beyond this crucial threshold. However, the ongoing accumulation of momentum signals a persistent effort from Bitcoin bulls, who are exerting pressure on the resistance level with the anticipation of a breakthrough, potentially extending into the upcoming week.

A comprehensive analysis of the daily chart reveals that the Moving Average (MA) Cross lines have executed an upward crossover, assuming a supportive role for the market as it consolidates just below the resistance level. Simultaneously, the Moving Average Convergence Divergence (MACD) indicator maintains a positive value, with its line positioned higher, albeit exhibiting a slight droop due to the delayed thrust. Nonetheless, there is time and strength from the bullish side to sustain their pursuit.

Market Expectations

Concentrating on the 4-hour chart highlights the consolidative nature of the market. The MA Cross lines undulate through the candlesticks, demonstrating a subtle upward inclination. Additionally, on the MACD chart, the histogram bars alternate between bullish and bearish, while the lines continue to undulate around the zero level. Despite these fluctuations, the overall market sentiment remains geared towards further bullish movements.

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