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Bitcoin Is Set for Retracement

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Bitcoin has been performing brilliantly since September of last year. Each demand level has been holding as the supply levels are dashed. This has led to a consistent price rise.

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In December and January, the market experienced stagnancy. The price fluctuated around the same point. All through the period of consolidation, the price did not rise above $48234.0. The price did not also drop below the swing low of $38505.0.The Buyers emerged this February with an aggressive breakout. The price seems to soar rapidly to take the all-time high of $68564.0.

Bitcoin is Set for RetracementBTC Key Levels

Demand Levels: $38505.0, $24920.0
Supply Levels: $52884.0, $68564.0

Indicator Analysis

A retracement is looming in BTCUSD. The MACD (Moving Average Convergence and Divergence) indicator is well overbought. Similarly, the points of the Parabolic SAR (Stop and Reverse) indicator have touched the lows of the daily candles. The market is likely to have a pullback to regain momentum and shoot towards an all-time high.

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