Bitcoin showed mild gains, trading at $96,299.9, but technical indicators suggest a cautious outlook. The asset has been fluctuating within a daily range of $95,049.1 to $96,418.8, reflecting indecision in the market. Despite short-term price increases, sentiment remains bearish, with traders awaiting a decisive move.
On a daily timeframe, BTC has been consolidating, struggling to break past key resistance levels. The Relative Strength Index (RSI) at 44.835 signals bearish momentum, while the MACD (-729.7) confirms ongoing selling pressure. The ADX (52.83) indicates a strong trend, but its downward direction suggests sellers are in control. Notably, the Stochastic (96.914) and Williams %R (-4.156) show BTC is overbought, increasing the chances of a pullback.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $91,987.1 | $93,812.5 | BTC | $97,054.2 | $98,470.6 |
BTC’s moving averages present a mixed outlook. Short-term indicators (MA5: $96,302.6) show slight buying pressure, but mid-term averages like MA10 ($96,671.5) and MA20 ($97,459.9) indicate a selling trend. The long-term MA200 ($80,520.7) remains well below the current price, confirming BTC’s strong overall uptrend.
In the broader picture, Bitcoin’s price action suggests a phase of consolidation with potential downside risks. A break below $93,812.5 could trigger a sharper decline, while reclaiming $97,054.2 with strong volume may revive bullish momentum. Traders should monitor these levels closely and consider market sentiment before making decisions.
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