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BTCUSD Market Analysis – April 9
Bitcoin (BTCUSD) concluded its bullish phase with a capped high in late January 2025, marking a key turning point in the market as price action reversed direction and signaled the beginning of a bearish trend.
Bitcoin (BTCUSD) Key Levels
Support Levels: $78024.00, $66300.00
Resistance Levels: $89780.30, $108380.10
BTCUSD Long-Term Trend: Bearish (Daily Chart)
In Q4 2024, Bitcoin experienced a powerful bullish rally, pushing aggressively higher without sufficient corrective pullbacks. This impulsive movement left behind several price inefficiencies—commonly referred to as Fair Value Gaps (FVG)—which now act as magnets for price correction.
As the market transitioned into 2025, bullish momentum began to falter. A double-top pattern formed during January, reflecting buyer exhaustion around the $108380.10 supply level. This pattern triggered a notable drop in price, briefly breaching the $89780.30 key level before staging a short-lived recovery. However, the subsequent price structure began forming lower highs and lower lows, which are classic indications of a developing bearish trend.
The daily Moving Average now confirms this bearish crypto signal, with price trading below the indicator. As the market retraces its previous impulsive bullish leg, attention shifts toward the unfilled Fair Value Gaps, which may serve as targets during the ongoing bearish correction.
Medium-Term Outlook: Bullish Pullback (4-Hour Chart)
Despite the broader bearish sentiment, the 4-hour chart reveals a temporary bullish setup. A double-bottom formation has emerged, accompanied by the Relative Strength Index (RSI) signaling oversold conditions—suggesting the potential for a bullish retracement.
This rebound is interpreted as a corrective pullback within the broader downtrend. It offers temporary relief but is not expected to evolve into a full reversal unless price breaks and sustains above the $89,780.30 resistance level. Should this level remain intact, the bullish momentum is likely to fade, allowing the dominant bearish trend to resume.
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