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BTCUSD is Poised to Consolidate Below $69,000
Bitcoin (BTCUSD) is currently poised for consolidation beneath the significant threshold of $69,000. This follows a remarkable period of price escalation that commenced early last year. The upsurge reached its zenith in February of this year and extended into March. Bitcoin surpassed previous highs during this bullish surge, including the critical levels of $64,000 and $69,000. This then culminates in a new all-time high at $73,840 before encountering resistance and entering a phase of exhaustion.
BTCUSD Key Levels
Supply Levels: $69,000, $59,000, $57,000
Demand Levels: $55,000, $52,00, $50,000
Throughout the peak rally period from February to March 2024, Bitcoin exhibited significant strength in surpassing key resistance levels, indicating robust market sentiment. However, the rejection and subsequent dip below $69,000 signify a need for the market to undergo consolidation to rebuild momentum for further upward movement.
Crypto signals are evident on the daily chart, with the Bollinger Bands fully enveloping the market. Daily candlesticks lean heavily on the middle line of the Bollinger Band before dipping below it. Additionally, while the MACD lines remain elevated above the zero level, a downward cross occurs, accompanied by the emergence of bearish histogram bars, indicating a shift in momentum towards consolidation.
Market Expectations
On the 4-hour timeframe, consolidation is underway, with the Bollinger Bands fully engulfing the market and candlesticks ranging within them. The MACD indicator exhibits a downward movement from its elevated position, dipping below the zero level. However, an upward cross is observed, accompanied by a transition from bearish to bullish histogram bars. These signals suggest a period of back-and-forth movement as Bitcoin enters a consolidation phase, preparing for its next market trend.
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