Amid Market Uncertainty, Key Indicators Highlight Significance

Exciting news from crypto analyst Ali has emerged! The TD Sequential indicator is sounding the alarm with a recent sell signal on Bitcoin’s short-term charts. This development hints at a potential correction in the next one to four candlesticks, capturing the attention of traders.

A sell signal has appeared on Bitcoin’s four-hour chart, courtesy of the TD Sequential indicator. This signal suggests that the current uptrend could be losing steam, signaling a possible short-term correction ahead.

While the TD Sequential doesn’t guarantee future price movements, its track record of accuracy makes it a valuable tool for traders keeping an eye on short-term price actions.

Despite the sell signal, it’s crucial to look at the bigger picture of Bitcoin’s price action.

As of now, BTC has seen a 1.80% increase in the last 24 hours, reaching $65,736 after hitting highs of $66,772 in today’s trading session.

Wednesday saw BTC surge past $66,000 following U.S. inflation data, fueling speculation about potential interest rate cuts by the Fed in the near future. BTC, along with other risk assets, is influenced by anticipated changes in major central banks’ monetary policies.

Uncertainty in the market prevails

Recent data releases show Bitcoin and several major cryptocurrencies erasing gains at the time of writing.

Newest data indicates that U.S. weekly jobless claims remain high, while April import and export prices experienced significant increases. Import prices rose by 1.1% in April.

Currently, attention is on BTC’s daily 50-day SMA at $65,111 acting as a temporary support to prevent further price declines. Bulls will need to defend this critical level to avoid declines near $60,000.

Conversely, if buyers can maintain BTC’s price above the 50-day simple moving average, it could trigger a potential rally towards the $73,777 resistance level, where a challenge from bears is anticipated.

Mike Novogratz, the founder and CEO of Galaxy Digital, predicted during the first-quarter earnings call that Bitcoin could consolidate between $55,000 and $75,000 before pushing higher. Traders should keep a close watch on these crucial Bitcoin price levels.

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