Bitcoin (BTCUSD) has reached the anticipated target of $97,500 but encountered robust resistance at this level, prompting a slight downward correction. This bearish movement is attributed to negative momentum indicated by the stochastic oscillator. However, analysts remain optimistic about Bitcoin resuming its bullish trend, with the $100,000 milestone as the next critical target.
The Exponential Moving Average (EMA50) continues to support the bullish outlook, reinforcing the potential for upward momentum. The forecast remains valid as long as Bitcoin maintains its position above the key support level of $93,260.
Today’s Trading Range
Support Level: $94,000
Resistance Level: $98,500
Trend Forecast: Bullish
Market watchers should monitor the price closely for signs of renewed upward movement, which could confirm Bitcoin’s trajectory toward the $100,000 barrier.
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