Bitcoin Falls Short of All-Time High

Bitcoin has shifted bullish after a prolonged downward trend, which began following its all-time high in March. In September, a failed low signalled potential reversal, followed by a Change of Character (ChoCh) and Break of Structure (BoS) above the $64,529.0 swing high. From the $49,050.0 swing low, a bullish trendline has since formed, with a steeper trendline emerging from $60,000.0, connecting successive higher lows. Recently, Bitcoin attempted to surpass its all-time high of $73,835.0 but fell just short. Despite this, the market maintains a healthy pullback, poised to find support at the demand level of $69,380.0.

 

Bitcoin Key Levels
Demand Levels: $69,389.0, $64,529.0, $58,014.0
Supply Levels: $73,835.0, $80,000.0, $100,000.0

 

What Are the Indicators Saying?

The Supertrend indicator has turned green, reinforcing the uptrend. Bitcoin is positioned to challenge its all-time high again. Prior to this pullback, the Williams Percent Range indicated an overbought condition near $73,624.0, suggesting a natural pause in the rally. Currently, the price aims to consolidate around the demand level of $69,380.0, which could provide enough support for another attempt at breaking the previous high.

If the demand level holds, Bitcoin could resume its upward journey and potentially target the $80,000.0 and $100,000.0 levels. This pullback offers a chance for buyers to reinforce the trend, with traders watching closely for renewed bullish signals.

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