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- Today's Chart: Bitcoin's Uptrend Comes to a Halt:
Bitcoin is currently trading around $78,000 after dropping from its weekly high of $79,473. However, the king of cryptocurrencies still maintains a short-term bullish outlook, as the price remains above the 50-day and 100-day exponential moving averages (EMA) at approximately $72,577 and $75,433, respectively, reinforcing the underlying demand zone after the recent surge.
Momentum remains positive, with the (RSI) indicator hovering around the mid-sixties on the daily chart, while the (MFI) is in overbought territory. The (MACD) indicator remains in the positive zone on the same chart, indicating ongoing but increasing bullish pressure.
Daily chart of the BTC/USDT pair
On the bullish side, the next significant resistance level is the weekly high at $79,473, followed by the 200-day exponential moving average near $82,524, which represents the first major hurdle for the bullish trend. On the downside, initial support is observed at the 100-day exponential moving average around $75,433, followed by the 50-day exponential moving average near $72,577. A daily close below these levels would indicate a retreat of the bullish control, opening the door to a deeper corrective phase.
$BTC