$BTC Bitcoin Approaching Major Support⛔⛔⛔⛔
Bitcoin is trading above $62,000, maintaining a short-term bearish bias as it stays well below the key Exponential Moving Averages (EMA). This currency pair is initially capped by the 50-day EMA around $68,809, with the 100-day EMA around $71,914 and a descending resistance trend line near $76,458, reinforcing the supply zone above. Additionally, the higher 200-day EMA above $77,593 confirms a larger corrective phase despite a recent breakout around $66,000.
However, momentum is trying to improve, with the Moving Average Convergence Divergence (MACD) histogram holding in positive territory on the daily chart and the Money Flow Index (MFI) hovering above 50, indicating that selling pressure is fading rather than completely reversing the dominant downtrend.
BTC/USDT Daily Chart
On the upside, any initial recovery will face resistance at the 50-day EMA around $68,809, followed by the 100-day EMA near $71,914. A daily close above these levels is necessary to signal a more sustained rebound. Further up, the sloping resistance trend line near $76,458 and the 200-day EMA around $77,593 create a solid mid-term ceiling that is likely to attract new supply as it approaches. Looking down, Bitcoin's initial support is at $62,000, followed by the psychological level of $60,000 if selling pressure increases.
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Bitcoin is trading above $62,000, maintaining a short-term bearish bias as it stays well below the key Exponential Moving Averages (EMA). This currency pair is initially capped by the 50-day EMA around $68,809, with the 100-day EMA around $71,914 and a descending resistance trend line near $76,458, reinforcing the supply zone above. Additionally, the higher 200-day EMA above $77,593 confirms a larger corrective phase despite a recent breakout around $66,000.
However, momentum is trying to improve, with the Moving Average Convergence Divergence (MACD) histogram holding in positive territory on the daily chart and the Money Flow Index (MFI) hovering above 50, indicating that selling pressure is fading rather than completely reversing the dominant downtrend.
BTC/USDT Daily Chart
On the upside, any initial recovery will face resistance at the 50-day EMA around $68,809, followed by the 100-day EMA near $71,914. A daily close above these levels is necessary to signal a more sustained rebound. Further up, the sloping resistance trend line near $76,458 and the 200-day EMA around $77,593 create a solid mid-term ceiling that is likely to attract new supply as it approaches. Looking down, Bitcoin's initial support is at $62,000, followed by the psychological level of $60,000 if selling pressure increases.
SpaceXLosesOver$600BInThreeDays#MicronHitsRecordHigh $XLM $DEXE