Bitcoin (BTCUSD) Stuck in a Range, Unable to Break Out

BTCUSD Remains Trapped Around the $26,000 Zone

Bitcoin (BTCUSD) remains trapped and confined within a range. The price oscillates between the crucial levels of $26,300 and $25,800. This situation reflects the lingering impact of the recent bearish phase experienced since the previous week. The coin’s ascent has been stymied despite the cessation of sharp declines. This resulted in a sideways movement confined within the boundaries of $26,300 and $25,800.

BTCUSD Key Levels
Supply Levels: $26,300, $30,000, $35,000
Demand Levels: $25,800, $25,250, $25,000

It’s plausible to consider that the coin may have concluded its bearish trajectory, mainly due to the notable BTCUSD support zone at $25,000. Furthermore, the potential resurgence of the bulls could potentially propel the price back into the confines of the ascending parallel channel.

The positioning of the Stochastic Oscillator lines at the oversold border suggests that the bearish momentum has subsided, awaiting the bulls to initiate a potential rally. Concurrently, on the daily chart, the EFI (Elders Force Index) powerline has embarked on an upward trajectory from its initial negative value.

Market Expectations

Shifting our focus to the 4-hour timeframe, the Stochastic indicator is gradually rebounding from the oversold border, while the EFI line is steadily progressing towards the zero level, indicative of increased control being established by the bulls. This confluence of indicators signifies the potential for renewed bullish activity in the BTCUSD market.

 

How To Buy Lucky Block

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.