Bitcoin Continues to Soar Relentlessly

Bitcoin has recently gained considerable support, setting off a bullish trend after its third test of the critical demand level at $53,000. This pivotal support level has proven resilient, establishing a foundation for Bitcoin’s recent uptrend. In October, BTC’s price broke above the resistance trendline on the daily chart, marking the beginning of a new bullish phase as market sentiment leaned strongly in favor of the cryptocurrency.

Following BTC’s breakout in October, the market experienced a pullback in early November, revisiting a crucial confluence zone formed by the presence of a bullish order block and a supportive trendline. This zone provided an ideal entry for buyers, setting the stage for Bitcoin’s impressive price surge. Increased buying activity is evident in the volume bars, further confirming strong market support for this bullish rally.

 

Bitcoin Key Levels

– Demand Levels: $77,835, $68,800, $53,000
– Supply Levels: $100,000, $110,000, $120,000

BTC’s price is now approaching the $100,000 mark, which represents a significant psychological level for traders and investors. Breaking this level could attract more buyers, fueling further upward momentum toward higher supply levels.

What are the Indicators Saying?

Technical indicators are signaling strong bullish momentum. The Machine Learning Lorentzian Classification indicator has maintained a buy signal since the price reached $60,000, supporting the current upward trend. The Lorentzian Moving Average line has consistently acted as support, bolstering BTC’s rise to the recent high of $93,495.

Furthermore, the Hull Butterfly indicator highlights an ongoing strong bullish momentum, indicating that price momentum remains robust. This combination of supportive indicators suggests that Bitcoin could continue its upward trajectory, particularly if it breaks through the psychological barrier of $100,000. As momentum strengthens, BTC appears well-positioned for potential gains toward higher supply levels in the coming weeks.

 

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