Bitcoin price has been consolidating between $85,500 and $90,000 for nearly three weeks, indicating indecision in the market. As of Friday, $BTC hovers around $88,400.
If BTC breaks and closes above the $90,000 on a daily basis, it could extend the rally toward the next resistance at $94,253.
The Relative Strength Index (RSI) on the daily chart is at 48, near the neutral 50 level, indicating fading bearish momentum. For the bullish momentum to be sustained, the RSI must move above the neutral level. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator showed a bullish crossover, which remains intact, supporting a slightly bullish view.
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Bitcoin Technical Analysis and Price Forecast:
Bitcoin price has been consolidating between $85,500 and $90,000 for nearly three weeks, indicating indecision in the market. As of Friday, $BTC hovers around $88,400.
If BTC breaks and closes above the $90,000 on a daily basis, it could extend the rally toward the next resistance at $94,253.
The Relative Strength Index (RSI) on the daily chart is at 48, near the neutral 50 level, indicating fading bearish momentum. For the bullish momentum to be sustained, the RSI must move above the neutral level. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator showed a bullish crossover, which remains intact, supporting a slightly bullish view.