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BTCUSD Remains Trapped in a Range
BTCUSD remains in a range, despite the recent Bitcoin Halving event. Since late February, the price has been oscillating within a defined range, with $73,000 acting as the resistance and $60,675 as the pivotal demand level. Initially, the BTC market exhibited movements between the resistance and support levels, but recently, the candles have been confined below the $66,990 key level.
BTCUSD Key Levels
Supply Levels: $69,000, $73,000, $73,850
Demand Levels: $59,000, $60,675, $64,000
Currently, the prevailing market sentiment suggests greater activity among sellers, as they continue to exert pressure on the price, edging it closer to the support level. Should Bitcoin persistently test the $60,675 demand level, a potential breakdown could occur, leading to a drop as low as $55,500. However, such a scenario might be necessary to alleviate selling pressure and pave the way for a bullish rally, as indicated by crypto signals.
Analysis of the Average True Range (ATR) indicator on the daily chart reveals that the breakout from the ascending channel was accompanied by increased volatility, which remained elevated as the market traversed between key levels. However, volatility is tapering off as the price nears the resistance level. Meanwhile, the MACD lines have dipped below the zero level, accompanied by bearish histogram bars, indicating a consolidation phase, as highlighted by crypto signals.
Market Expectations
On the 4-hour timeframe, the ATR has plummeted rapidly as the cryptocurrency remains constrained below $66,990, signaling a significant reduction in market volatility. The MACD analysis depicts the market in a consolidation phase, with the MACD lines fluctuating around the zero level, while the histogram bars oscillate between bearish and bullish territories, in line with crypto signals.
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