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The price of Bitcoin (BTCUSD) continues to rise during its recent intraday trading, getting very close to reaching our morning target at a price of $97,400, benefiting from the positive momentum provided by trading above its simple moving average for 50 periods, and under the control of the main upward trend in the short term and trading alongside a trend line. However, we notice the emergence of a negative crossover in the relative strength indicators, after reaching areas of extreme overbought conditions, which may curb the price rise.

Therefore, our expectations for the price of Bitcoin remain positive, especially if it breaks through the resistance of $97,400, targeting thereafter the psychological resistance level of $100,000, with a significant chance for some corrective rebounds, especially if the mentioned resistance holds.

The expected trading range for today is between the support level of $95,000 and the resistance level of $98,400.

Price expectations for today: Bullish $BTC