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.

Learn from market wizards: Books to take your trading to the next level

 

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Comments are closed

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Andre Minassian

• 

  The Banned Blogger

• 

  Mary Ann Callahan

• 

  Mark Austin