CandleFocus

Bitcoin Technical Analysis: Will the Long-Term Uptrend Save the Day?

Author: Content Editor
The current price of Bitcoin is $97,384, with a market cap of $1.92 trillion and a trading volume of $69.42 billion. The market has been volatile, with Bitcoin fluctuating between $95,444 and $99,496. In the short-term, the trend is showing lower highs and lows, with key indicators like the RSI and Stochastic sitting on the fence. Moving averages suggest further drops unless buyers show up at $95,000. In the mid-term, Bitcoin is approaching resistance at $99,500 after bouncing back from a low of $92,118. Oscillators and moving averages are giving mixed signals, and a push above $99,500 could lead to a jump towards $105,000. In the long-term, the bullish trend seems to be holding, but resistance at $100,000 and $108,000 has been a challenge. The MACD is flashing a sell signal, and trading volumes are low. Support is between $92,000 and $94,000, and resistance zones are at $99,500 to $100,000 and $108,000. If Bitcoin can reclaim $99,500 with strong volume and achieve a daily close above $100,000, bullish momentum could push it towards $108,000. However, a failure to hold the $92,000 support could lead to bearish momentum and a drop to $88,000 or lower. Traders are advised to be cautious and wait for clear confirmation of strength before making aggressive long positions.

Related News