Bitcoin (BTCUSD) Under Bearish Pressure as BTCUSD Declines

BTCUSD continues to face bearish pressure, with the bears maintaining control of the market. The current situation can be attributed to a sense of indecision among the buying base, particularly around the significant level of $30410.0. This uncertainty has allowed the bears to drive the coin’s price downward. Despite the buyers’ efforts to hold on, the overall market sentiment remains in the bears’ favor.

BTCUSD Key Levels
Supply Levels: $30410.0, $34760.0, $37790.0
Demand Levels: $24810.0, $19460.0, $16360.0

However, BTCUSD buyers can turn the tide in their favor. A potential strategy for them is to wait for a rebound off the MA period 50 (Moving Average), which is positioned below the daily candlesticks. If the coin finds support and bounces off this Moving Average, it could signal a shift in momentum toward the buyers.

As for the technical indicators, the EFI (Elders Force Index) power line has dipped into negative territory, indicating the bearish force that prevails in the market. This aligns with the overall downward movement in the coin’s price. On the 4-hour timeframe, the MA period 50 further lends credence to the market’s bearish sentiment. The line has risen above the 4-hour candlesticks.

Market Expectations

There is, however, a slight positive sign for the bulls in the 4-hour timeframe. The EFI line indicates an upward trend, moving closer to the zero level, which suggests a rise in buying interest. However, despite the positive signals, the buyers face a significant challenge. They have to break through the stubborn resistance at the $30410.0 level to gain market control. Failure to do so decisively could lead to a further decline in the coin’s price, potentially pushing it toward the support level of $24810.0.

 

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