($BTC

As of now, Bitcoin (BTC) is trading at $97,560.00, reflecting an increase of $2,113.00 (approximately 2.21%) from the previous close.

To determine whether Bitcoin is in an uptrend or downtrend, traders often analyze price patterns and utilize technical indicators:

Identifying an Uptrend:

Higher Highs and Higher Lows: An uptrend is characterized by successive peaks and troughs that are higher than the previous ones. This pattern indicates sustained upward momentum.

Identifying a Downtrend:

Lower Highs and Lower Lows: A downtrend consists of consecutive peaks and troughs that are lower than the preceding ones, signaling ongoing downward momentum.

Technical Indicators:

Parabolic SAR: This indicator places dots above or below the price to signal potential reversals. Dots below the price suggest an uptrend, while dots above indicate a downtrend.

Relative Strength Index (RSI): RSI measures the speed and change of price movements. Values above 70 may indicate overbought conditions (potential reversal from uptrend), while values below 30 suggest oversold conditions (potential reversal from downtrend).

By analyzing these patterns and indicators, traders can assess Bitcoin's current trend and make informed decisions.