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As it is firmly compressed between two important exponential moving averages, Bitcoin is currently experiencing a crucial technical moment that resembles a traditional price squeeze. Although bulls may just be in the lead, this tension in the charts is preparing for a possible volatility-driven breakout in either direction.
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Bitcoin is currently trading at about $84,000 just above the 100-day EMA and encountering resistance from the 200-day EMA at about $87,350. A resolution appears imminent as a result of the pressure created by this small trading range. A break above the 200 EMA would invalidate the long-standing death cross that has hampered Bitcoins midterm performance in addition to indicating bullish momentum.
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The chart's slightly declining volume is frequently a sign of a coiling move, which is a prelude to explosive price action. When a clear move occurs, traders will have room to influence price action because the RSI is neutral at about 51.5, indicating that Bitcoin is neither overbought nor oversold.
A short squeeze could force prices back toward the psychological $90,000 level and higher if Bitcoin is able to break above the 200 EMA. A move like that would turn around pessimistic sentiment and possibly usher in a new bullish market phase. However, if resistance is not overcome, there may be a rejection down toward the $82,000–$83,000 support zone where the 100 EMA currently provides a safety net. Below that, there is a chance that Bitcoin will lose steam and enter another period of consolidation or