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Bitcoin has achieved a significant technical breakout from a bearish parallel channel on the daily chart, driven by a pivotal bullish order block formed at $52,500.0 in February. Since testing this critical level, the market has consistently formed higher lows, culminating in a decisive breakout that underscores the cryptocurrency’s resilience.
Following the breakout in October, the price experienced a brief retest, providing additional support for the ongoing ascent. A well-defined bullish trendline has guided the price movement since the September swing low, demonstrating a robust upward trajectory. Healthy pullbacks have tested this trendline, reaffirming its validity and highlighting the market’s newfound stability. The swift and decisive nature of this uptrend indicates a transition from a corrective to an impulsive market phase.
BTC Key Levels:
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Demand Levels: $73,750.0, $70,010.0, $60,268.0
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Supply Levels: $80,000.0, $100,000.0, $120,000.0
Technical Indicators:
The Elder Ray Bull and Bear Power indicator confirm buyer dominance, signalling sustained upward motion. The Moving Averages (periods 9 and 21) provide support for the market’s upward trajectory, highlighting the bullish trend’s strength. The Moving Average rests below the daily candles.
Current Market Status:
Bitcoin has reached a new all-time high of $76,990.0, with expectations of further gains as the bullish momentum remains robust. This milestone underscores Bitcoin’s appeal as a store of value and its growing mainstream acceptance.
The interplay between technical indicators and market sentiment suggests a positive outlook for Bitcoin, with potential targets at $80,000.0 and beyond.
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