CandleFocus

Bitcoin Technical Analysis: Intraday Support at $98K Tested as $104K Resistance Looms

Author: Content Editor
The price of Bitcoin has been fluctuating between $101,696 and $102,057 with a market capitalization of $2.01 trillion. On the daily chart, Bitcoin experienced a sharp increase from around $87,000 to nearly $108,000 before encountering selling pressure and dipping to a support level at $98,000. The commodity channel index and relative strength index indicate balanced momentum, but the moving average convergence divergence suggests a bearish turn. On the 4-hour chart, there was a significant fall from $108,000 to $98,000, with lower highs indicating a short-term bearish trend. The 1-hour chart shows Bitcoin hovering between $101,000 and $103,000, with $98,000 acting as intraday support. Oscillators give mixed signals, but a strong push above $103,000 could signal a bullish trend. Bitcoin's ability to maintain support at $98,000 suggests resilience in the overall upward trend. However, the emergence of lower highs and sell signals from short-term moving averages indicates potential bearish pressure if the $98,000 support is broken. Traders should monitor signals from the MACD and volume trends to confirm a bearish reversal.

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