Bitcoin continues to face resistance at the 200 MA, which it briefly reclaimed earlier this week before failing to hold. The rejection confirms that the 200 MA remains a key barrier, with price currently trading below it.
We're still stuck between $85,000 resistance and the broader support zone around $77,000. Volume remains unimpressive on this bounce, signaling that buyers are not stepping in aggressively. This makes the recent push toward $85,000 look more like a relief rally than a genuine breakout attempt.
RSI remains neutral, hovering near the midline after confirming bullish divergence coming out of oversold territory earlier this month. Momentum seems to be fading, and Bitcoin will need to clear the 200 MA with conviction to build bullish momentum toward $91,000. A breakdown from here would likely target the $77,000 area again.
For now, Bitcoin remains range-bound, with traders waiting for a decisive move to confirm the next direction.
We're still stuck between $85,000 resistance and the broader support zone around $77,000. Volume remains unimpressive on this bounce, signaling that buyers are not stepping in aggressively. This makes the recent push toward $85,000 look more like a relief rally than a genuine breakout attempt.
RSI remains neutral, hovering near the midline after confirming bullish divergence coming out of oversold territory earlier this month. Momentum seems to be fading, and Bitcoin will need to clear the 200 MA with conviction to build bullish momentum toward $91,000. A breakdown from here would likely target the $77,000 area again.
For now, Bitcoin remains range-bound, with traders waiting for a decisive move to confirm the next direction.
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.