Bitcoin (BTCUSD) is Currently Held Below $69,000

BTCUSD is Currently Stalled Below the $69,000 Key Level

BTCUSD is currently held below the significant $69,000 level. This is despite showcasing robust bullish momentum with a more than 30% price increase over the past two weeks. Despite maintaining a bullish stance, the crypto faced a bearish setback on Tuesday, leading to a dip to the $59,000 demand level. However, vigilant bulls promptly reversed this downward move.

BTCUSD Key Levels
Supply Levels: $64,000, $69,000, $75,000
Demand Levels: $59,000, $50,000, $42,000

At present, the BTC market has rebounded above the $64,000 level, persistently attempting to challenge the $69,000 resistance. The ongoing battle between bulls and bears highlights the market’s resilience, emphasizing the significance of the $69,000 level and the potential for further price exploration.

The MA Cross (Moving Average) on the daily chart has consistently positioned below the candlesticks. The indicator has marked its alignment since the last upward move that propelled the market out of the parallel channel and past various barriers to reach the $69,000 resistance level. Following a slip from this resistance, the MA Cross functioned as a crucial support, aiding the market in its recovery. Crypto signals from the daily EFI (Elders Force Index) depict a substantial battle against bearish forces, evident in the power line’s rapid fluctuations above the zero level.

Transitioning to the 4-hour timeframe, the price heavily relies on the MA Cross to withstand the pressure below the $69,000 resistance zone. The recent price slip has significantly impacted this short timeframe, with the EFI power line plunging below the zero level. Despite this, ongoing recovery efforts are noticeable, and the indicator is poised to cross back above zero. The active bullish sentiment suggests a potential for another breakout, aiming to establish an all-time high.

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