- Chart of the Day: Bitcoin Holds Above Key Support Level:

Bitcoin price stabilized above $93,000 at the time of writing on Thursday, as bulls look to regain control and close the gap toward $100,000. The Moving Average Convergence Divergence (MACD) indicator has maintained a buy signal on the daily chart since November 26, indicating that bearish momentum is waning.

The Relative Strength Index (RSI) on the same chart is expected to close above the neutral line, a move likely to support the short-term bullish outlook. Elevated RSI readings near the overbought region suggest that bulls are in control, increasing the likelihood of a breakout.

BTC/USDT daily chart

However, investors should temper their bullish expectations, as Bitcoin is trading below the 50-day Exponential Moving Average (EMA) at $98,501, $103,648 for 100 days, and $104,527 for 200 days, all of which could cap price rebounds. A drop below $90,000 could trigger a bearish reversal toward $80,000.