BTCUSD Prepares for Breakout Beyond $60,675

BTCUSD prepares for a breakout by positioning itself to leverage the critical support level of $60,675 to reverse its descending trend and resume its bullish trajectory. Following the rejection at the recent all-time high, market dynamics favored sellers, resulting in consistent lower highs and lows.

BTCUSD Key Levels

Supply Levels: $64,000, $73,000
Demand Levels: $59,000, $60,675

However, the resurgence of bullish momentum prompts investors to utilize the $60,675 level as a pivotal demand zone, resisting further downward pressure and recalibrating market sentiment towards a bullish bias. Nonetheless, a significant obstacle lies ahead in the form of the confluence point between the upper border of the descending channel and the $64,000 supply line.

On the daily chart, as the price rebounds from the $60,675 level, the Parabolic SAR (Stop and Reverse) dots transition below the candlesticks, signaling potential upward movement. The EFI (Elders Force Index) power line hovers below the equilibrium level, poised for an upward surge. With a breakout beyond $60,675 anticipated, BTCUSD is poised to resume its upward trajectory, potentially leading to further price appreciation.

Market Expectations

Meanwhile, on the 4-hour timeframe, the upward movement from the $60,675 key level prompts a similar shift in the Parabolic SAR dots beneath the candlesticks, further indicating bullish momentum. The EFI power line maintains equilibrium around the zero level, reflecting ongoing market balance as bulls endeavor to reclaim control.

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