- Bitcoin shows a bearish trend on the daily chart, with the 50-day MA above $60.6K acting as resistance.
- The 200-day MA is trending upwards, indicating long-term bullish potential, but could act as resistance near the current price.
- BTC is bearish in the short-term, with the RSI indicating neutral conditions and key support/resistance levels to watch.
BTC traders should tread cautiously as technical indicators are currently sending mixed signals. On the daily timeframe, Bitcoin shows a bearish trend. The 50-day moving average (MA) is sloping downwards and is positioned above $60.6K (the current Bitcoin price).
This zone could act as a resistance point if the price attempts to rise and interacts with the 50-day MA again. The downward slope of the 50-day MA reflects the prevailing bearish sentiment in the short term.
Mixed Signals
In contrast, the 200-day MA on the daily chart is trending upwards, indicating a strong overall trend. This positive slope has been consistent since July 11, 2024. Despite this long-term bullish indicator, the 200-day MA remains above the current price.
This positioning suggests that the moving average could act as a resistance level should the price approach it again. On the four-hour chart, Bitcoin exhibits bearish signals. The 50-day MA here is also sloping down, reinforcing the short-term bearish trend.
The 200-day MA has been declining since August 5, 2024, which indicates a weakening trend in the short term. This aligns with the overall bearish outlook on this timeframe.
Technical Indicators and Pivot Points
The Relative Strength Index (RSI) is currently within the neutral zone between 30 and 70. This suggests that Bitcoin’s price is trending neutrally, with no extreme overbought or oversold conditions at present.
The RSI’s position within this zone indicates that the price could maintain this neutral stance for a while. BTC price resistance levels are at 64,045.33, 62,892.67, and 61,876.33, while the support levels are at 59,707.33, 58,554.67, and 57,538.33.
Takeaway
Bitcoin’s technical landscape reveals a combination of strong long-term and weak short-term trends. The 200-day MA suggests a robust upward trend, while the bearish signals on the shorter time frames indicate potential challenges ahead. Monitoring these indicators and pivot points will be essential for assessing Bitcoin’s future price action.
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