Bitcoin Posts Failed High at Supply Zone
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Bitcoin Posts Failed High at Supply Zone

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Azeez Mustapha

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Market Analysis – June 19

Bitcoin began a new bullish trend in April after recovering from the previous decline that originated at the supply zone of 109,358. The price has now returned to this critical level, forming a bearish signal of a failed high.

Bitcoin Key Levels

Demand Levels: 91,271.0, 74,420.0, 53,643.0
Supply Levels: 109,358.0, 120,000.0, 130,000.0

Bitcoin Posts Failed High at Supply Zone

Bitcoin Long-Term Trend: Bullish

Bitcoin experienced an impulsive ascent from 53,643.0 to 109,358.0. This aggressive movement created inefficiently traded regions due to the rapid nature of the price delivery.
However, the price failed to break through the 109,358.0 supply zone as bullish momentum weakened. After a prolonged consolidation through February, the market corrected downward, filling the previously inefficient trading region.

In April, Bitcoin surged again, quickly reclaiming levels above the 30 and 50-period Moving Averages. The current rally has revisited the 109,358.0 supply level, where buyers are once again showing signs of exhaustion, resulting in another failed high.

Bitcoin Posts Failed High at Supply Zone

Bitcoin Short-Term Trend: Bullish

On the 4-hour chart, a lower timeframe support has formed at 103,313.0. A decisive break below this level may trigger a second leg of retracement from the 109,358.0 supply zone on the higher timeframe.

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