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BTCUSD Remains in a Correction Phase with Much Volatility
BTCUSD continues to navigate a correction phase characterized by significant volatility. Having reached an all-time high of $73,840 on March 14th, the cryptocurrency encountered resistance at this level, initiating a corrective movement that retraced to the previous all-time high and subsequently declined further. Notably, the $64,000 price level has been a focal point of heightened volatility as the market seeks to establish stability.
BTCUSD Key Levels
Supply Levels: $73,000, $69,000
Demand Levels: $59,000, $64,000
While the Bitcoin market undergoes a correction following its recent surge, it concurrently experiences elevated levels of volatility, reflecting the rapid fluctuations in price during this period. Investors are eagerly anticipating a stabilization phase that would enable buyers to regroup and regain momentum.
Crypto signals from the Average True Range (ATR) indicator on the daily timeframe highlight the current heightened volatility levels, persisting despite the ongoing correction phase that has lasted for over a week. Conversely, the Elders Force Index (EFI) illustrates the impact of the correction phase, with a drop below $64,000 resulting in a negative value, followed by an upward reversal as the price recovers above this critical level.
Market Expectations
On the 4-hour chart, the price descended within a channel to $60,675 before correcting upwards to break out of the channel, pushing the EFI line above the equilibrium. The current price is positioned at a confluence of the channel’s upper border and the $64,000 level, potentially offering crucial support for bulls to initiate an upward rally. However, the ATR indicator suggests that volatility remains high, adding a layer of complexity to the market’s current dynamics.
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