BTCUSD Surges as Bullish Momentum Prevails

BTCUSD surges as bullish momentum prevails. After the successful retraction from the demand zone at $24900.00 in September 2023, the bears began to exit the market. BTCUSD has embarked on a trajectory characterized by an upward inclination. This upward inclination led to a Market Structure Shift which was followed by confirmation at a bullish order block in the discount zone. From the bullish order block, the upward move continued rapidly, clearing major resistance along its path.

Following the rapid surge into the $34000.00 price level, the buying momentum of BTCUSD decelerated until the $37400.00 previous resistance was hit. This led to a short period of consolidation about the $37400.00 price level. A bullish order block formed around $35000.00, typically sponsoring the continuation of the bullish trend as more bulls stormed the market. Following the completion of the ongoing retracement into the discount zone, the market’s uptrend is likely to resume.

BTC Key Levels

Demand Levels: $37400.00, $31900.00, $24900.00
Supply Levels: $43100.00, $48200.00, $52100

What are the Indicators Saying?

The ongoing market trend harmonizes with the signal emanating from the MA Cross. Sustaining its position above the zero line, the MACD (Moving Average Convergence Divergence) mirrors the burgeoning price movement towards higher levels. This signifies the unwavering determination of bullish forces to consistently propel the value of Bitcoin upward.

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