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Bitcoin’s price is holding steady at $101,056 per coin, signaling a phase of stabilization as traders analyze conflicting indicators from oscillators and moving averages across various timeframes.
Bitcoin
On the 1-hour chart, bitcoin is in a consolidation pattern with a mild upward trend after tumbling from $102,582 to $99,250. The $99,000-$99,500 range has shown dependable support, with immediate resistance spotted around $101,000-$101,500. Oscillators such as the relative strength index (RSI) at 62 and the Stochastic at 73 suggest neutrality, while momentum at 4,550 hints at a possible buying opportunity. Traders might look for confirmation of a bullish move near the support level, aiming for $101,500 as a short-term target.
The 4-hour chart highlights a recovery from a lower low of $94,249, with firm support now anchored at $97,000-$98,000. Resistance at $102,582 or higher remains a challenge, reflecting caution in advancing further. Notably, moving averages such as the 20-period exponential moving average (EMA) and 20-period simple moving average (SMA) suggest positive opportunities at $97,010 and $97,518, respectively. Observing for a pullback near support accompanied by bullish momentum could offer an entry point, with potential exits near $102,500.
On the daily chart, bitcoin’s broader uptrend faces headwinds at the $103,000 mark, a pivotal psychological barrier. Despite the ongoing resistance, moving averages continue to display optimistic signals, including the 200-period EMA at $71,898 and SMA at $68,877. Oscillators like the average directional index (ADX) at 41 indicate a neutral trend, but a breakout above $103,000 could rekindle bullish momentum. Buyers may consider accumulating near the $94,000-$98,000 range while cautiously optimistic about a possible rally.
Across all timeframes, moving averages (MAs) form a strong bullish structure, from the 10-period EMA at $99,048 to the 200-period SMA at $68,877. Oscillators offer mixed signals, with neutrality prevailing, except for the commodity channel index (CCI) at 118, which leans bearish. However, the moving average convergence divergence (MACD) at 3,301 points to stability, fostering cautious optimism among traders. Over the past day, $34.26 million in long positions in bitcoin in crypto derivatives markets have been liquidated.
Bull Verdict:
Bitcoin’s price holds strong above key support levels, with bullish signals from moving averages and momentum indicators reinforcing the broader uptrend. A successful breakout above $103,000 could trigger a rally toward new highs, making this a promising phase for bullish traders.
Bear Verdict:
While bitcoin shows resilience, the inability to decisively break through $103,000 and the risk of a breakdown below $94,000 suggest caution. A bearish reversal could emerge if sellers regain control, making downside protection essential in the current market.