Bitcoin's Value Fluctuation Highlights Possible Correction

Bitcoin’s value fluctuation highlights a possible correction, evident in the ongoing consolidation. Presently, BTCUSD struggles beneath the crucial $36,000 level, facing resistance-induced selling pressure. It suggests a potential dip into the discount zone, creating a liquidity void, before the uptrend resumes. This pattern signifies a temporary setback, a natural occurrence in market cycles where profit-taking and corrective phases pave the way for future uptrends.

The RSI offers valuable insights into market sentiment and potential price movements. The consolidation phase indicates a weakness in the strength of the bulls as they cease to buy more. This could trigger more sell orders as market participants become pessimistic. However, the overall trend remains bullish, and the impending downtrend is likely to end in a short time.

BTC Key Levels

Demand Levels: $31862.00, $28661.00, $24750.00
Supply Levels: $36000.00, $41020.00, $48240.00

 What are the Indicators Saying?

On the daily chart, the market’s order flow remains bullish, yet the RSI (Relative Strength Index) signals an impending bearish correction. Owing to the bullish structure of the market as per the indication of the MA Cross, BTCUSD might resume its uptrend soon.

 

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