Bitcoin (BTCUSD) Stagnates in Consolidation Phase

BTCUSD Makes no Significant Movement

BTCUSD stagnates in its accumulation phase, showing no significant movement to break the trend of its ongoing consolidation. Despite reaching a new all-time high, BTC has been trapped within a consolidation phase, with $73,000 as the resistance and $60,675 as the support level.

BTCUSD Key Levels

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

This consolidation has persisted since March 14th, with no notable breakthroughs in the market’s trend. Even after the anticipated Bitcoin halving event, the market has failed to show substantial movement. Currently, the market experienced a modest rise from the support level but faced resistance around $66,990, leading to a downward correction.

The MA Cross (Moving Average) has traversed through the consolidation zone but has now dipped lower due to the recent setback in price increase. Meanwhile, the EFI (Elders Force Index) indicator hovers close to zero, exhibiting a bearish sentiment with a slight bias to the downside.

Market Expectations

On the 4-hour timeframe, the MA Cross initially showed an upward trend as the price climbed from the support level. However, a recent downward cross occurred as the price halted its ascent prematurely. Similarly, the EFI power line remains near zero, leaning towards the downside. If the coin fails to stabilize around the current $64,000 level, a potential restart of the rally might occur at $60,675.

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