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Bitcoin is presently navigating a recovery phase subsequent to a pullback from its recent pinnacle of $73,800, marking an all-time high. Despite this retraction, market sentiment remains predominantly bullish, as evidenced by the prevailing trend depicted on the daily chart. The pullback appears to signify a minor correction within the upward trajectory, rather than indicating a bearish disruption of market structure.
Notably, the upward trend remains intact, with no discernible bearish breaks in structure observed. The substantial swing low at $59,310 appears robustly defended, underscoring the preservation of the bullish trend.
Key BTC Levels to Monitor
Demand Levels: $59,310.0, $50,520.0, $38,510.0
Supply Levels: $80,000.0, $85,000.0, $90,000.0
Indicator Insights
The Hull Butterfly Indicator continues to signal a bullish trend, maintaining its consistency since January 31st. This persistent bullish signal is corroborated by the absence of any bearish breaks of structure in the price action. Moreover, the Lorentizian Classification also issues a buy signal, further supporting the prevailing bullish sentiment. The convergence of signals from both the machine learning indicator (Lorentizian Classification) and the Hull Butterfly Indicator strengthens the current price action. Consequently, the next focal point for market bulls appears to be the attainment of the next institutional price level.
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