At the moment, a strong neutral sentiment has taken hold in Bitcoin’s price action, with an average fluctuation of just over 1% in the last four trading sessions. Indecision persists as BTC struggles to break through the $95,000 barrier, especially as the U.S. dollar has begun to regain strength—limiting the continuation of steady bullish momentum. Additionally, the CMC Crypto Fear and Greed Index remains in the neutral zone, suggesting that the market is showing uncertainty regarding confidence in cryptocurrencies.
Uptrend in focus:
Since April 10 of this year, a new short-term bullish trend has been forming in Bitcoin’s movements. Although recent selling corrections have not been strong enough to break the upward structure, it is important to note that a prolonged period of neutrality could put the current bullish formation at risk in upcoming sessions.
RSI:
The RSI line continues to oscillate near the overbought zone marked by the 70 level. As it approaches this threshold, it could signal a potential imbalance in buying pressure and may lead to short-term bearish corrections.
ADX:
The ADX line remains slightly above the 20 level, indicating that the average volatility of the last 14 periods is still low. This suggests that recent price movements lack strong directional momentum.
Key Levels:
$95,000: A short-term resistance level aligned with the 61.8% Fibonacci retracement. A breakout above this zone could reinforce a stronger bullish bias and open the door for a more significant buying trend.
$100,000: A distant resistance level at a major psychological threshold. If price action pushes toward this level, it could signal the beginning of a long-term trend and a potential move toward all-time highs.
$90,000: A key support level, corresponding to the most important neutral zone tested in recent weeks. A break below this level could invalidate the current bullish formation and shift momentum in favor of sellers.
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