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Bitcoin Remains in Consolidation Phase

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Bitcoin entered a correction phase in March, marked by a consistent pattern of lower highs following a swing high of $73,000. A positive sign emerged in May with a bullish break of the market structure. Analysts used a trendline connecting the lows to predict further price pullbacks. However, at the beginning of June, this trendline was tested, and the subsequent price increase failed to surpass the previous high, resulting in a failed high and the formation of a double top pattern. This pattern indicates market weakness, and the price eventually dipped below the trendline. As of now, Bitcoin (BTC) has yet to break out of its consolidation phase.


BTCUSD Key Levels

  • Demand Levels: $61,108.0, $56,932.0, $49,048.0
  • Supply Levels: $72,105.0, $80,000.0, $100,000.0

Bitcoin Remains in Consolidation PhaseTechnical Indicators Analysis

The correction phase commenced after the Moving Averages (Periods 9 and 21) intersected in March. Prior to this, the Moving Averages had spread apart since February, with the shorter Moving Average leading the longer one, indicating a price ascent. The intersection in March signalled a loss of bullish momentum. From February to early March, the ADX (Average Directional Index) rose above 40, indicating a strong trend. However, upon reaching $73,000, the ADX began to decline, showing a weakening trend.

In May, the Moving Averages fell below the daily candles during a bullish break of structure, suggesting a potential upward movement. This momentum was short-lived. Currently, the Moving Averages are positioned around the bodies of the daily candles, indicating a market range without a clear direction above or below. The next major psychological level above the current range appears to be $80,000.0, which remains a significant target.

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