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Bitcoin has made a significant upward move over the past few days, breaking through a bearish trend line that has dominated the daily chart since a double-top pattern was established in June. The price briefly dipped towards the demand level of $53,069.0 but did not reach it.
A subsequent price pullback shattered the bearish trend line, aided by the formation of three white soldiers, a candlestick pattern that typically signals a strong reversal. This bullish formation has driven the price close to its previous high, and a further push beyond this level could establish a definitive change in market direction, moving Bitcoin out of its bearish phase.
Bitcoin Key Levels
- Demand Levels: $53,069.0, $45,750.0, $43,850.0
- Supply Levels: $63,794.0, $67,387.0, $80,000.0
What Are the Indicators Saying?
A close examination of the Hull Butterfly Indicator reveals a decline in bearish momentum, as the red bars are shortening and approaching zero. This indicates that the downward pressure is weakening. Additionally, the Parabolic SAR (Stop and Reverse) has formed points below the daily candles, a classic signal of an upward price trend.
The convergence of these indicators with the recent price action suggests a potential shift in market dynamics. Key indicators are pointing towards continued bullish momentum. It is important to watch closely as Bitcoin approaches its previous high, as breaking this level could confirm a significant change in the market’s direction.
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