Bitcoin is currently trading at $98,689 with a market capitalization of $1.95 trillion, after experiencing significant volatility in recent days. The 24-hour trading volume stands at $29.58 billion, indicating strong interest in the asset.
On the daily chart, bitcoin reached a high of $109,356 before pulling back to establish support at $89,164. This suggests that the asset is stabilizing and may be forming a consolidation range between $96,000 and $98,500.
The 4-hour chart shows a sideways pattern with intermittent uptrends and downtrends. Resistance is currently identified at $102,569, while local support is holding around $91,530. However, the recent movement suggests a slight upward bias, and traders will look for volume and volatility expansion to confirm a stronger directional move.
The 1-hour chart highlights a more immediate bullish trend, with bitcoin reaching $98,784 after rebounding from a recent low of $94,091 per unit. Bullish candlestick formations suggest growing momentum, but the price remains near key resistance levels.
Oscillators present mixed signals, with the relative strength index (RSI) at 49.5 and the Stochastic at 46.7 indicating a neutral stance. Momentum is one of the few bullish indicators at 763.0, while the moving average convergence divergence (MACD) level is bearish at -880.8.
Moving averages provide conflicting signals, with the 10-period exponential moving average (EMA) at $97,663.9 and the 20-period EMA at $98,502.5 supporting a buying trend. However, the 20-period simple moving average at $99,168.0 and the 30-period SMA at $98,797.8 indicate potential selling pressure.
Despite mixed signals, traders remain bullish on bitcoin’s potential to break out above $98,800. Strong support from multiple moving averages and bullish momentum on shorter timeframes suggest that a move toward $100,000 could be in play. However, failure to hold support at key levels could lead to a breakdown towards lower prices.
Source: https://news.bitcoin.com/bitcoin-price-analysis-the-battle-for-100k-inches-closer