Bitcoin (BTCUSD) is showing a bearish bias at the start of today’s session, testing the support line of its bullish channel. This move is influenced by negative signals from the stochastic indicator, while the 50-period Exponential Moving Average (EMA50) aligns with the support, adding further strength to this level. If this support holds, it may help Bitcoin resume its primary bullish trend, with the next key target at the $100,000 barrier.
However, if the price breaks below the $96,325 level, it would halt the bullish momentum and introduce negative pressure. In that case, the price could decline towards the next support levels at $94,655 and potentially $91,852.35.
The expected trading range for today is between $95,000 (support) and $100,000 (resistance).
Trend Outlook: Bullish
Related topics: