BTCUSD Bulls Exit the Market Temporarily as the Price Flips Bearish

The market has been descending since the $31050.00 price level was hit. As the lower highs and lower lows continue to form, more bears keep storming the market. However, the market’s overall trend on the higher timeframe is bullish. A major rising trendline has been opposing the downflow of the price for a long time on the daily chart. This has added to the buying pressure on prices, which keeps the market on the upside.

While the uptrend continued from the swing low of $19569.00, a bullish order block was created at the $24650.00 price level. The $24650.00 price level also happened to be at the 50.0 Fibonacci retracement level. However, the price might break and retest the level as the selling pressure from the $31050.00 supply zone overwhelms the market.

BTC Key Levels
Demand Levels: $25289.00, $19569.00, $15460.00
Supply Levels: $31050.00, $37401.00, $48240.00

What Are the Indicators Saying?

According to the Moving Averages, the MA Period 18 and the MA Period 40, the market was in a bullish trend. However, the MA Period 18 has now crossed the MA Period 40 to the downside, thereby giving a sell signal. In the same vein, the MACD (Moving Average Convergence Divergence) is also below the zero line. This confirms that the bears are currently dominating the market.

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