Bitcoin Analysis
Current Price:
The current price of Bitcoin (BTC) is $96,674.60, with an open price of $95,347.82 and a high price of $97,424.02. The low price is $95,296.00, and the previous close price was $95,347.82, showing a change of $1,326.78 and a percent change of 1.39% .
Market Overview:
Bitcoin has recently broken above the key resistance level of $95,000 and is trading above $97,000. This surge is supported by strong institutional demand, with US spot ETFs recording a total inflow of $2.68 billion.
Technical Indicators:
- RSI: The Relative Strength Index (RSI) is at 33.31, indicating potential oversold conditions.
- ADX: The Average Directional Index (ADX) shows strength in the trend at 61.28.
- ATR: The Average True Range (ATR) is at 997.24, reflecting high volatility.
- 50-day SMA: The 50-day Simple Moving Average (SMA) stands at $94,166.32.
- Parabolic SAR: The Parabolic SAR is at $94,249.00 .
Support and Resistance Levels:
- Support Levels: $93,800, $93,500, and $93,000
- Resistance Levels: $94,500, $95,000, and $95,500
- Pivot Point: $94,000
Market Sentiment:
With the price above the pivot point of $94,000 and supporting indicators, a bullish scenario is predicted. The recent rally was supported by strong institutional demand, and the market is expected to continue its upward trend.
