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- Daily Chart: Bitcoin Maintains a Key Support Level:
Bitcoin is trading above the 50-day Exponential Moving Average at $91,610 as of this report on Monday. It has risen over 1% during the day, surpassing the $92,500 mark. The bullish Relative Strength Index (RSI) remains at 62 on the daily chart, reinforcing positive outlooks for Bitcoin.
The Moving Average Convergence Divergence (MACD) on the same chart has crossed above the signal line, indicating buyer dominance. If the blue MACD line stays above the red signal line with the indicator trending upward, the path of least resistance may remain upward, increasing the likelihood of breaking through the 100-day Exponential Moving Average resistance at $96,693.
The 50-day Exponential Moving Average plays a crucial role in providing immediate support, maintaining the bullish trend. However, if it is broken due to investor risk aversion amid easing geopolitical tensions, a return below $90,000 is possible.
Daily chart of the BTC/USDT pair