Bitcoin (BTCUSD) is Poised for Potential Recovery Above $30,000

BTCUSD is Poised to recover back above $30,000

The BTCUSD market’s consistent upward momentum has faltered as it struggles to maintain a position above the $30,000 mark. Subsequently, sellers exerted significant pressure, aiming to drive the market down to $25,000. Nonetheless, the likelihood of BTCUSD reclaiming levels beyond $30,000 is more pronounced than its decline to $25,000.

BTCUSD Key Levels
Supply Levels: $30000.0, $35000.0, $38000.0
Demand Levels: $25000.0, $19500.0, $165000.0

The coin’s steady upward trajectory has encountered a temporary setback after failing to establish a sustained position above $30,000. After this development, intensified selling pressure emerged, targeting a potential descent to $25,000. However, amidst this tug of war, the prevailing scenario suggests the prospect of BTCUSD recovering above $30,000 and rising higher.

Examining the daily chart, the Relative Strength Index (RSI) indicator has dipped into the bearish half of its scale. In contrast, the Elders Force Index (EFI) power line on the same timeframe clings to the equilibrium point, indicative of the bulls’ determined efforts to maintain their position despite the challenges posed. Nevertheless, there are positive indicators emergent within the shorter timeframe, favoring prospective buyers.

Market Expectations

The RSI line, which had previously oscillated below the midline, has sharply ascended beyond it. Concurrently, the EFI line illustrates an amplified influence of buyers, marked by its ascent above the zero level. The overarching objective centers on achieving a robust ascent and steadfastly holding above the $30,000 mark, progressing toward the $35,000 milestone.

 

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