Bitcoin (BTCUSD) Rebounds from Confluence Zone

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RESULTS

BTCUSD Rebounds From the $64,000 Confluence

BTCUSD rebounds impressively from a key confluence point, reigniting its rally. Following a notable price surge earlier this year that led to the breaking of its all-time high, the coin encountered resistance at $73,840, prompting a price retracement of over 15%. However, the market found support at $60,675, where buyers regained control and initiated a breakout from the descending channel that had previously guided the price lower.

BTCUSD Key Levels

Supply Levels: $73,000, $73,840
Demand Levels: $64,000, $69,000

The breakout was followed by a pullback to retest the upper boundary of the channel, aligning with the $64,000 price level, creating a confluence point that facilitated Bitcoin’s rebound upward. As of the time of writing, the market has surpassed its previous all-time high at $69,000 and is targeting the $73,000 level.

Crypto signals from the Moving Average Convergence Divergence (MACD) on the daily timeframe indicate that the rejection at $73,840 led to the formation of bearish histogram bars, although the MACD lines remain significantly above the zero level. This recent surge has propelled the price above the 20-period Moving Average (MA), which has now converted to a support level.

Market Expectations

In the 4-hour timeframe, the rejection at $73,840 caused the MACD lines to dip briefly below the zero level. However, they quickly rebounded above zero as the price surged, accompanied by a transition from bearish to bullish histogram bars. Similar to the daily chart, the price on the 4-hour chart has also traded above the MA period 20. As the price targets $73,000, a potential retracement to $69,000 could precede another upward move.

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