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- MC:$3.7KHolders:20.78%
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- MC:$3.69KHolders:30.53%
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Daily Chart: Bitcoin Holds Above Short-Term Support Level
Bitcoin is trading above $92,000 as of writing this report on Wednesday, supported by the bullish (MACD) indicator on the daily chart.
The MACD histogram bars are rising above the signal line, indicating steady bullish momentum.
However, the Relative Strength Index (RSI) on the same chart hovers around the midline, suggesting a slowdown in momentum. A rejection at this level could accelerate downside pressure, increasing the likelihood of a correction below $90,000.
Daily BTC/USDT Chart
Additionally, Bitcoin's price remains below the 50-day exponential moving average at $96,830, the 100-day EMA at $102,174, and the 200-day EMA at $103,714, supporting the overall bearish outlook.
A break above the 50-day EMA is likely to reinforce the bullish outlook, as buyers target a second recovery phase above $100,000.