Bitcoin (BTCUSD) Shows No Movement Despite Buyer Agitation

BTCUSD Remains Locked in Consolidation

BTCUSD remains unmoved and firmly ensconced in a consolidation phase, largely unaffected by persistent buyer agitation. In the lead-up to the halving event, the market witnessed an unprecedented surge, reaching an all-time high of $73,840 on March 14th. However, this peak has remained unchallenged, as the market has predominantly consolidated since.

BTCUSD Key Levels

Supply Levels: $69,000, $73,000, $73,850
Demand Levels: $59,000, $60,675, $64,000,

While the price initially appeared to be forming a Pennant structure, it unexpectedly reversed, leading to a general market range between $73,000 and $60,675. Presently, the price is showing tentative upward movement off the support level, having touched the $64,000 significant mark. As the Bitcoin halving event approaches, the market anticipates sustained incremental price gains.

Crypto signals on the daily chart indicate market accumulation, with the Parabolic SAR (Stop and Reverse) dots oscillating around the daily candlesticks. Positioned above the candles, these dots reflect the current upward movement from the support level. Concurrently, the Elders Force Index (EFI) power line is nearing equilibrium, transitioning from a negative stance as bulls attempt to regain control.

On the 4-hour timeframe, the Parabolic SAR dots have transitioned below the candlesticks, mirroring the market’s steady upward trajectory. Similarly, the EFI power line has ascended to approach the equilibrium level, suggesting a strengthening bullish momentum. As consolidation persists, the market is projected to continue its ascent toward the consolidation resistance level, potentially breaking above it.

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