Bitcoin’s current price is $97,384, with a 24-hour trading volume of $69.42 billion and a market cap of $1.92 trillion. The market has been volatile, with prices fluctuating between $95,444 and $99,496. Traders are closely monitoring technical indicators, which are showing mixed signals of bullish and bearish trends.
In the short-term 1-hour chart, bitcoin is showing a downward trend with lower highs and lows. The support at $97,000 is being tested due to heavy sell-offs, with key indicators like the RSI and Stochastic showing uncertainty. Moving averages are leaning towards the bearish side, suggesting a potential drop unless buyers step in around $95,000.
Zooming out to a mid-term 4-hour view, bitcoin is facing resistance at $99,500 after bouncing back from a low of $92,118. Oscillators such as CCI and momentum are hinting at bearish territory, while moving averages are giving mixed signals. Breaking above $99,500 could lead to a move towards $105,000, but a drop below $94,000 may confirm a bearish trend.
In the long-term daily chart, bitcoin’s medium-term bullish trend appears to be holding, with support at $92,000. However, resistance at $100,000 and $108,000 is proving challenging for further gains. The MACD is showing a sell signal, and trading volumes during consolidation periods suggest caution among traders. A close above $100,000 could push prices to $108,000, but a dip below $92,000 may lead to a drop to $88,000.
Support levels are seen between $92,000 and $94,000, with resistance at $99,500 to $100,000 and $108,000. Oscillators are neutral, but momentum signals potential downward pressure. Moving averages are giving conflicting signals, indicating a market in flux. A strong push above $99,500 and a close above $100,000 could signal a bullish trend towards $108,000, while a break below $92,000 may lead to bearish momentum towards $88,000.
In conclusion, bitcoin’s price movements are influenced by key technical levels and indicators. Traders should watch for a clear break above $100,000 for bullish momentum towards $108,000 or a drop below $92,000 for bearish pressure towards $88,000. Mixed signals across oscillators and moving averages suggest caution in trading without confirmation of strength in either direction.
