Technical Analysis:
- Price Action:
- Current BTC/USDT price: $96,421.79, down by -1.20%.
- Recent high: $98,826.00, with a 24-hour range of $96,023.17 (low) to $97,682.04 (high).
- Price is trading below the 25-period EMA ($97,019.73) and 99-period EMA ($97,961.11), indicating a bearish trend.
- Moving Averages (EMA & MA):
- Short-term EMA (7) at $96,820.09 suggests near-term resistance.
- The price remains below the 99 EMA, reinforcing medium-term bearish sentiment.
- MA(5) at $1,431.90 is above MA(10) at $1,278.06, indicating slight short-term selling pressure.
- Volume Analysis:
- Trading volume is relatively low (649.88 BTC), signaling weak buying interest.
- Lower volume during a price drop suggests a lack of strong bullish defense.
- Relative Strength Index (RSI):
- RSI (6) is at 34.04, approaching oversold territory (<30), which could signal a potential rebound if buyers step in.
Support & Resistance Levels:
- Key Support: $95,935.96 and $94,893.65.
- Key Resistance: $96,820.09 (7 EMA) and $97,961.11 (99 EMA).
Conclusion:
Bitcoin is in a short-term downtrend with weak buying pressure. Watch for support near $95,935 and resistance around $97,000. A further breakdown could signal more losses, while a bounce above $97,000 may reverse the trend.
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