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Shortly after Bitcoin reached its peak price of $73,054, the market formed a triple-top pattern, with each successive peak slightly lower than the previous one. This pattern indicated a clear sign of market weakness.
During March and April, Bitcoin experienced a correction phase characterized by a narrow bearish parallel channel. In May, the price broke out of this parallel channel, forming higher lows that established a supporting trendline, guiding future price pullbacks. Currently, the price is ascending toward its all-time high.
Key Levels:
- Demand Levels: $56,932.0, $49,048.0, $40,278.0
- Supply Levels: $73,054.0, $80,000.0, $100,000.0
Technical Indicators:
The daily candles falling into the Smoothed Heikin Ashi Candles in March indicated a market correction. The last occurrence of a similar scenario was in January. February showcased a robust bullish trend, culminating in Bitcoin’s current all-time high price. Throughout the correction phase, the Smoothed Heikin Ashi Candles dominated the daily candles until May. Upon the breakout, the Heikin Ashi Candles shifted to a green hue.
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