$BTC

Bitcoin is facing resistance near the psychologically crucial $100,000 level, but a positive sign is that the bulls have not given up much ground to the bears.

The rising moving averages and the relative strength index (RSI) in the overbought zone indicate that the path of least resistance is to the upside. If buyers push the price above $100,000, the BTC/USDT pair is likely to pick up momentum and rally to $113,331 and then to $125,000.

The first support on the downside is at the uptrend line and then at the 20-day exponential moving average ($88,386). If the price rebounds off the 20-day EMA, the bulls will again attempt to resume the uptrend. A short-term top will be signaled when the pair dips below $85,000.

The pair has dipped below the 20 EMA on the 4-hour chart, indicating that the bears are attempting a comeback. The next support on the downside is the uptrend line. If the price rebounds off the uptrend line, the bulls will again attempt to propel the pair above $100,000. If they do so, the pair could rally to $113,331.

Alternatively, a break below the uptrend line will signal a lack of demand at lower levels. The pair could drop to $85,000.