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BTCUSD exhibits bullish momentum with breakout potential above diagonal resistance. Recent price movements have revisited the previous swing low (SSL) around $78,170, leading to a notable bounce that may signal a trend reversal. A descending trendline has emerged as a critical resistance point; a breach of this level would reinforce bullish market sentiment. Moreover, the existing market structure indicates a series of lower highs, a pattern that could shift if the price successfully exceeds the trendline resistance. The ongoing consolidation phase suggests a build-up of liquidity, potentially setting the stage for a breakout.
If BTCUSD can decisively overcome the resistance at $86,040 and sustain its position above this threshold, the subsequent significant target will be the psychological barrier of $100,000. A pullback from this critical level may lead to temporary consolidation before another upward movement takes place. Should bullish momentum remain strong, BTCUSD could approach targets of $109,360 and $115,000. Conversely, a failure to maintain above $86,040 may prompt a retracement towards $78,170 or lower.
BTC Key Levels
Supply Levels: $100,000, $108,400, $115,000
Demand Levels: $85,010, $66,780, $53,500
What Are the Indicators Saying?
The BTCUSD chart reflects bullish potential, with the price trading just below the 9-day Simple Moving Average (SMA) at $83,090. The Relative Strength Index (RSI) is currently at 43.63, suggesting a recovery from oversold conditions and indicative of increasing buying interest. A movement above the SMA could signal a continuation of bullish momentum towards higher resistance levels. Furthermore, the current RSI positioning indicates that BTCUSD possesses significant capacity for growth before entering overbought territory.
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