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BTCUSD signals bullish momentum with rising confidence. From a price action standpoint, BTCUSD recently formed a five-wave bearish structure that ended at around $74,420 before experiencing a bullish market shift. A clear Change of Character (CHoCH) occurred after the fifth wave low, where price decisively broke previous highs around $88,800. This confirmed a transition from bearish to bullish sentiment. Since then, the price has rallied strongly, breaking through previous resistance at $95,980 and reaching the current level around $104,020.
The market structure now forms higher highs and higher lows, which is characteristic of an uptrend. Support is firmly held above $95,980 and $88,800. Looking ahead, BTCUSD is well-positioned to test the next major resistance at approximately $108,390. A clean breakout above this level could open up a swift move toward $115,000 and potentially $125,000 in the coming weeks. Given the current momentum and structure, pullbacks to $95,980 or even $88,800 may offer buying opportunities. As long as price remains above the recent low of $85,010, the bullish structure remains intact.
BTC Key Levels
Supply Levels: $108,390, 115,000, $125,000
Demand Levels: $95,980, $85,010, $74,420
What are the indicators saying?
The BTCUSD daily chart displays a clear bullish structure supported by indicators. The 9-day Simple Moving Average (SMA) is currently trending upward and acting as dynamic support, with the price holding above it at approximately $103,720.
The Moving Average Convergence Divergence (MACD) indicator shows the MACD line above the signal line, signaling bullish momentum, while the histogram continues to print positive bars, confirming upward strength. The momentum has been steady since early April, supporting a continuation of the uptrend. The indicators align with the price structure, reinforcing bullish confidence.
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