Bitcoin's grind continues
Bitcoin is displaying strong indications of strength and gaining momentum steadily and under control. Currently trading at about $87,390, it has recorded several higher lows in recent weeks, indicating that buyers are regularly intervening and bolstering price action. Especially encouraging is the steady trading volume that has coincided with this change. It shows robust participation and a developing base of support for Bitcoin's ascent, despite the fact that it is not explosive. Unlike fast, overextended rallies that can quickly reverse, this slow and steady movement frequently lays the groundwork for long-lasting breakouts.
With its current position just above $89,500, #bitcoin has already reclaimed the 200-day EMA and is now getting close to a crucial technical resistance: the 100-day EMA. A clear breakout above this level would be a powerful bullish confirmation and might pave the way for a short-term retest of the $90,000-$92,000 range. With the Relative Strength Index comfortably hovering around 52, Bitcoin has plenty of space to rise further before reaching overbought territory. This lends more credence to the idea that the asset is evolving toward a more robust and healthy upward trend. Looking at Bitcoin's chart structure from a wider angle, it appears to be getting more positive.
It seems that the market has reset after a period of volatility and consolidation earlier in the year. Bitcoin is currently in an excellent technical position, with a rising trendline still in place, encouraging moving averages and rising sentiment.
Buy and Trade $BTC
