Bitcoin (BTC) price has recovered to $100,000 after briefly falling below $92,000, marking a strong rebound amid market uncertainty. The recovery follows a period of heightened volatility that saw major cryptocurrencies experience steep declines before buyers stepped in.
Market Recovery and Key Support Levels
Bitcoin’s price action shows that $98,991 is acting as a short-term support level, aligning with the 49-day moving average. This level has extensively come in handy helping in arresting further downward pressure on the coin in recent times. Failure to maintain this level could bring in a possible retracement to $90,000 as a region of more substantial support.
On the higher side, BTC has the resistance of $101,681 which is close to the 13-days EMA. If prices rise above the levels of $101,000, there is a possibility that the price will rise higher to the region of $105,000-$110,000, as traders seek more evidence to support the bullish movement.
Technical Indicators Show Mixed Signals
Bitcoin has formed a Golden Cross with the 13-day EMA above the 49-day EMA, indicating a bullish long-term trend.
Nevertheless, BTC is trading close to its moving average, meaning a potential consolidation of the price before further movement. Thus, if the price remains above key moving averages it may rally up, while a break below these levels may likely attract more sellers on the market.
The Relative Strength Index (RSI) is 51.14, which is barely above this middle level. With this, it means that the current price of BTC has not reached the levels where it is termed as being overbought or oversold. If it rises above 55.37 then it may show an increasing trend of buying, and if it drops below 50, then it may show the bearish trend.
Therefore, the MACD, remains neutral.despite the fact that the histogram shows decreasing steepness, this further means that the upward trend is likely to slow down. In this case, if it forms a bearish crossover in the MACD, it might be a sign for more downside action, whereas an extension of the existing uptrend can be considered as positive.
Impact of US-Mexico Trade Agreement on Bitcoin’s Price
Bitcoin’s recent recovery coincided with a temporary suspension of tariffs between the United States and Mexico. With the help of the US President Trump and Mexico’s President Claudia Sheinbaum, it was decided that they would suspend tariffs for one month to help the market recover.
However, as reported, the global investor confidence lifted and so there was an added buying pressure on Bitcoin, Ethereum, and other digital currencies. This is highly suggestive of the integration of Cryptocurrencies. Specifically Bitcoin, with the conventional markets as the latter’s volatility in recent periods has affected Crypto’s price.
Bitcoin Price Outlook: Breakout or Consolidation?
The depicted pattern keeps Bitcoin above $100,000 intact as the cryptocurrency’s next move depends on it. In particular, if BTC will be able to stay above $101,500 the growth towards $110,000 may be expected. Therefore, if price fails to hold above the said fundamental resistances, it may test the support levels or form a consolidation pattern.
Market analyst best_analysts suggest that BTC could still be on track for a larger breakout if historical price patterns repeat.
Long-term trend suggests that BTC may be able to rise to about $170,000 in the coming months depending on the trend that it will sustain.
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