Technical Analysis:
Price Action:
- Bitcoin is trading at $100,024.47, consolidating near the psychological $100,000 mark after hitting a 24h high of $100,804.35.
- Recent candles suggest minor rejection above $100,800, indicating potential resistance at this level.
Moving Averages:
- EMA(7) at $99,683.54 and EMA(25) at $97,786.77 are both trending upward, signaling bullish momentum.
- EMA(99) at $96,535.14 is lagging, confirming a sustained uptrend but leaving room for potential corrections.
Volume:
- Recent volume spikes align with price increases, supporting the strength of the rally.
- Slight volume decline suggests a cautious approach by traders near resistance.
RSI (6):
- RSI at 64.57 is trending towards overbought territory but remains below 70, indicating room for continued upward movement while cautioning against exhaustion.
Support and Resistance:
- Immediate support at $98,892.97, near the EMA(7).
- Strong resistance at $100,800 - $101,000, as seen from previous price rejections.
Conclusion:
Bitcoin maintains bullish momentum, but $100,800 acts as a strong resistance. A breakout above could signal further upside, while failure may lead to a short-term pullback.