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BTCUSD Market Analysis – April 17
The market has re-established its bullish trajectory after breaching a minor bearish retracement phase. BTCUSD long-term trend remains firmly bullish, with price action confirming renewed upward momentum.
Bitcoin Key Levels
Support Levels: $74600.00, $58200.00
Resistance Levels: $89300.30, $106300.00
BTCUSD Long-Term Outlook: Bullish
The rally began from the $58,200.00 demand zone, where BTC/USD staged a strong bullish breakout. The move pushed price past the $74,600.00 resistance, accompanied by large bullish candlesticks, reflecting strong market optimism. Momentum persisted until the price reached a peak of $106,300.00, where it encountered a significant supply level. After this, bullish momentum eased and the market experienced a corrective move.
In early February 2025, BTCUSD retraced below $89,300.00, triggering a temporary bearish phase. However, this move has been identified as a retracement within the broader bullish trend on the daily timeframe. The major trend structure remains intact, with bullish sentiment dominating the higher timeframes.
Currently, BTC has broken above the minor bearish trendline, marking the end of the retracement and the beginning of a renewed upward move. This breakout aligns with a bullish crypto signal on the daily Moving Average, suggesting potential continuation towards and possibly above the previous $106,300.00 high.
BTCUSD Medium-Term Outlook: Bullish
On the 4-hour timeframe, the recent breach of the descending trendline confirms the end of the correction phase. Following the breakout, BTCUSD entered a brief consolidation phase, hovering around the former bearish resistance.
Technical indicators reinforce the bullish outlook. The 4-hour Moving Average signals continued upside potential, while the Relative Strength Index (RSI) shows growing bullish momentum, indicating increased buying interest. A decisive breakout above the $89,300.00 level would serve as strong confirmation of trend continuation and likely lead to a retest of the $106,300.00 supply zone.
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