Bitcoin is on the Verge of a Bullish Reversal

Bitcoin’s price action indicates a potential bullish reversal. The correction phase began after Bitcoin reached its all-time high of $73,749.0. Since then, the market structure turned bearish, characterized by the formation of lower highs and lower lows. These major highs and lows were connected to form a bearish parallel channel for prognostic purposes. Recently, daily candles have pushed above the resistance border of this bearish parallel channel, signaling a bullish stance.

BTC Key Levels

• Demand Levels: $58,829.0, $53,015.0, $49,048.0
• Supply Levels: $67,201.0, $73,749.0, $80,000.0

What Are the Indicators Saying?

In January, Bitcoin’s price dipped below the 50-period Moving Average (MA). Upon testing the 100-period MA, the price ascent resumed, indicating that the dip below the shorter period was a temporary pullback.

This scenario recurred in April, with the price again dipping below the 50-period MA. Simultaneously, the Relative Strength Index (RSI) declined below 50, indicating a price decline. Upon testing the 100-period MA and with the RSI nearing the oversold region, the price direction reversed. Currently, the price has ascended above the 50-period MA. It is anticipated that the price will soon reach the previous high of $73,749.0.

These technical indicators suggest that Bitcoin is poised for a significant upward move, supported by the bullish breakout from the bearish channel and the recovery above key moving averages. Traders will closely watch these levels and indicators for further confirmation of the bullish reversal.

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