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BTCUSD Analysis: The Market is Surging Off the $24810.00 Demand Level
BTCUSD is on the road to recovery after a severely bearish period that began in October 2021. The coin has used the $16360.0 key support level as a landing pad from November last year to January this year to stem the tide of bears. The market has since been making steady progress in a stepwise fashion. Currently, the coin is surging toward a new high of $32760.20.
BTCUSD Key Levels
Supply Levels: $30410.0, $34760.0, $37790.0
Demand Levels: $24810.0, $19460.0, $16360.0
The $16360.0 significant level helped the market put a final stop to the bearishness in the BTCUSD market, which has been present since 2021. By January 2023, the coin had lifted from its significant support level and was moving upward incrementally. This works when the price surges beyond the resistance levels and then pulls back to them for support.
Through the stepwise movement, the coin has bypassed several levels and is currently rebounding off the $24810.0 key level and surging up to break the next resistance at $30410.0. The ATR (Average True Range) indicator shows increasing market volatility as the price rebounds off the $24810.0 key level. An Increase in volatility is seen to accompany every major price surge as the coin keeps ascending in a stepwise fashion.
Market Expectations
In surging upward, the MA period 25 (Moving Average) has been broken to the upside both on the daily chart and the 4-hour timeframe, and it has been converted into a kind of support for the candles. Volatility has risen very strongly on the 4-hour chart, as shown by the 4-hour ATR indicator. BTCUSD is expected to rise towards $34760.0 and then pull back to $30410.0 as it moves in a stepwise fashion.
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