The daily chart for the BTC/USDT pair shows a notable recovery after a long period of sideways movement. After weeks of consolidation near the lower Bollinger band, Bitcoin has surged upward and is now trading around $94,686 - above the middle band and moving with bullish momentum.
Technical overview:
▪️ Bollinger Bands: The price has risen above the upper band, indicating increased volatility and the possibility of a new bullish trend.
▪️ MACD: The momentum is clearly bullish - the MACD line is above the signal line, and the chart continues to expand.
▪️ The Relative Strength Index stands at 66.4, approaching overbought territory, which may indicate a short-term pullback.
Potential scenarios:
▪️ Continued rise - If the momentum and volume continue, Bitcoin may target resistance levels near $97,500 and $100,000.
▪️ Short-term pullback - As the Relative Strength Index approaches overbought territory and the price moves beyond the upper Bollinger band, a correction to take profits towards the support area of $92,000 to $90,000 is possible.
✅ The current situation favors the bulls, but market conditions are becoming heated. Traders should closely monitor trading volume trends, the behavior of the Relative Strength Index, and candlestick patterns near key levels to confirm the next move. 🔔 Stay tuned - conditions may change rapidly in this environment.
