📊 Bitcoin Analysis 📊
Despite a recent price reversal, Bitcoin ($BTC ) continues to trade above both the 50-day and 200-day Exponential Moving Averages (EMA), which traditionally signals a bullish market trend for the cryptocurrency.
Should Bitcoin surpass its all-time high from December 5, which was $103,630, it might pave the way for further gains. A clear breakout above $110,000 could then set the stage for a push towards $120,000.
Investors should keep an eye on various external factors that could influence Bitcoin's price. These include trends in U.S. economic indicators, developments in the U.S. Bitcoin spot ETF market, activities related to U.S. government sales of $BTC , and news associated with President Trump, given his influence on cryptocurrency markets.
On the flip side, if Bitcoin's price falls below $95,000, this could indicate a bearish trend, potentially leading to a decline towards the support level at $90,742. Further weakness below this point might see prices drop to another support at $86,263.
Currently, Bitcoin's 14-day Relative Strength Index (RSI) stands at 49.34, suggesting it is neither overbought nor oversold. However, if the price continues to fall, it might reach the $90,742 support level before the RSI dips into oversold territory (below 30), indicating potential for a price rebound.
📍Disclaimer: This is not a financial recommendation, cryptocurrency investments are speculative, and past performance does not guarantee future results. Always conduct your own research and consider your risk tolerance.
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