Bitcoin's daily chart continues to recover after testing the 200-day moving average, which acted as strong support. $91,271 is currently acting as resistance.
Volume remains elevated following the massive rebound from $85,010, showing clear demand at lower levels. The next major hurdle is at $94,990, where sellers previously stepped in. A daily close above this level would confirm a breakout toward $99,860.
The 50-day moving average is still trending downward, and Bitcoin remains below it, so there is still work to do to fully regain bullish momentum. However, the structure has improved significantly, and the market is showing strength after a period of heavy selling.
If $91,271 fails to hold, Bitcoin could revisit the $85,000 region, but as long as price closes above that level, the trend remains in recovery mode.
Volume remains elevated following the massive rebound from $85,010, showing clear demand at lower levels. The next major hurdle is at $94,990, where sellers previously stepped in. A daily close above this level would confirm a breakout toward $99,860.
The 50-day moving average is still trending downward, and Bitcoin remains below it, so there is still work to do to fully regain bullish momentum. However, the structure has improved significantly, and the market is showing strength after a period of heavy selling.
If $91,271 fails to hold, Bitcoin could revisit the $85,000 region, but as long as price closes above that level, the trend remains in recovery mode.
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.