Bitcoin has confirmed a bullish divergence on the daily chart, with price making a lower low while RSI formed a higher low — a classic signal that downward momentum is weakening. However, the follow-through has been weak so far, with Bitcoin now consolidating beneath the key resistance at $85,010.
The 200-day moving average (around $83,645) has not provided strong support or resistance in recent days, as price has hovered just above and below it without a decisive move. Volume also remains low, indicating a lack of conviction from buyers despite the bullish divergence.
For bulls to regain control, Bitcoin needs to reclaim $85,010 and build upward momentum toward the $91,271 resistance zone. Failure to hold above the 200 MA could lead to a retest of the $77,000–$78,000 support zone or even a drop toward the $73,835 level, which represents the next major structural support.
Overall, Bitcoin has shown early signs of bottoming, but bulls need to step in with stronger volume and momentum to confirm a more significant trend reversal.
The 200-day moving average (around $83,645) has not provided strong support or resistance in recent days, as price has hovered just above and below it without a decisive move. Volume also remains low, indicating a lack of conviction from buyers despite the bullish divergence.
For bulls to regain control, Bitcoin needs to reclaim $85,010 and build upward momentum toward the $91,271 resistance zone. Failure to hold above the 200 MA could lead to a retest of the $77,000–$78,000 support zone or even a drop toward the $73,835 level, which represents the next major structural support.
Overall, Bitcoin has shown early signs of bottoming, but bulls need to step in with stronger volume and momentum to confirm a more significant trend reversal.
scott.melker@texaswestcapital.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
scott.melker@texaswestcapital.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.