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Bitcoin (BTCUSD) Is Struggling in the Face of a Formidable Barrier
BTCUSD is struggling to surpass the significant level of $37,750. The anticipated difficulty in overcoming this zone, which aligns with the middle line of its parallel channel, is apparent. However, the market exhibits determination as it ascends for a second attempt at testing this level.
BTCUSD Key Levels
Supply Levels: $45,000, $47,000, $50,000
Demand Levels: $42,000, $39,800, $33,700
The initial test unfolded when the price rebounded from the lower border of the parallel channel directly to the $37,750 line. Despite an immediate rejection, the BTC market’s resilience is evident as it only retraces to $42,000 before initiating another rally to challenge the level once more.
On the daily chart, the Moving Average period 20 (MA) aligns with the $42,000 demand level, establishing robust support for the price to rebound from, as observed. The Momentum indicator signals an increasing momentum since mid-January, even during the descending phase toward the lower border.
Examining the 4-hour timeframe reveals the price repeatedly testing the $43,750 level in anticipation of a breakout. The candlesticks leverage the daily chart’s MA period 20 to exert pressure against the resistance. Concurrently, the Momentum indicator indicates the market is maintaining a ranging momentum in the short term. With crypto signals backing this analysis, BTCUSD is poised to breach the resistance and ascend to $47,000.
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Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, product, or event. We are not responsible for your investment results.
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