Bitcoin Breaks Out of Bearish Channel

Bitcoin has confirmed a bullish breakout from the bearish channel that had been present on the daily chart. After multiple tests of the supporting trendline in September, the fourth retest ignited an upward price movement, shifting the market structure to a bullish stance.

A significant pullback to a bullish order block at $57,500.00 provided a launchpad for this upward momentum. However, the rally faced resistance near the previous swing high of $64,423.00. The presence of a resistance trendline added to the challenge, resulting in several days of sideways movement before buyers successfully pushed through, causing a breakout.

Now above the bearish channel, a slight pullback is visible as the price nears a retest of the resistance trendline, which could reignite bullish momentum. If the retest holds, the next major target for Bitcoin’s bulls could be $70,000.00.  $70,000.00 server as a psychological level reinforced with liquidity pool denoted by the presence relative equal highs.

BTC Key Levels:

• Demand Levels: $59,209.00, $54,839.00, $51,638.00
• Supply Levels: $63,814.00, $73,794.00, $100000.00

 

Indicators Outlook:

The Smoothed Heikin Ashi Candles showed a clean transition from bearish to bullish when the price held at $57,500.00, marking a definitive shift in market sentiment. Additionally, the Awesome Oscillator turned positive at the same level, confirming that the momentum has been growing consistently since then.

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