Bitcoin (BTCUSD) Reaches Impasse at $52,000

BTCUSD Reaches a Struggling Phase of Around $52,000

BTCUSD reaches a point of impasse around the $52,000 significant level. The market is in a challenging phase around this level, marking a pivotal juncture in its recent four-week journey. BTC buyers exhibited resilience, steering the market from $38,000, surging beyond $43,750, breaking free from the parallel channel, and attaining the $52,000 price level.

BTCUSD Key Levels

Supply Levels: $52,000, $55,000, $60,000
Demand Levels: $45,000, $47,000, $50,000

Despite the formidable efforts during this rallying phase, the price of Bitcoin has encountered an impasse, neither significantly rising nor falling but holding firm around the $52,000 mark. While the buying base maintains superiority over the selling base, the market has reached a temporary standstill, with expectations of a subsequent breakthrough.

The daily chart reveals the MA Cross upward movement initiated on February 1st, coinciding with the battle to surpass the $43,750 resistance level. This cross has since acted as crucial support, propelling the price higher. The Momentum indicator attains heights reminiscent of the bullish momentum witnessed in 2021, emphasizing the current strength in the market.

Examining the 4-hour timeframe, the market’s struggle at $52,000 has prompted a decline in momentum. At this juncture, the MA Cross exhibits lateral movement, reflecting the lack of clear direction. This scenario mirrors the previous challenge when ascending beyond $43,750, indicating anticipation for the bulls to navigate through and target $55,000.

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