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- Today's Chart: Bitcoin Traders Tighten Grip as Price Rises:
Bitcoin is currently trading at $74,949, surpassing the 50-day exponential moving average at $71,907, but still confined below the 100-day exponential moving average at $75,278, and the 200-day exponential moving average at $82,816. This situation indicates a positive but limited short-term bullish trend, as the price has regained the previous downward resistance line, which was broken below the market price.
Meanwhile, the Relative Strength Index (RSI) is around 58 on the daily chart, while the Moving Average Convergence Divergence (MACD) remains in a positive chart. Both indicators suggest bullish momentum, but not strong enough to decisively break above the upper averages.
Daily chart of the BTC/USDT pair
On the bullish side, the primary resistance is at the 100-day exponential moving average near $75,278. A sustained breakout of this barrier would reveal the 200-day exponential moving average at $82,816 as the next bullish target. On the downside, immediate support is at the daily low of $73,724, followed by the 50-day exponential moving average at $71,907, while deeper corrections could head toward the broken downtrend line around $64,221 as a further structural bottom if selling pressure accelerates.
$BTC
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