$BTC Emerged from a descending wedge pattern and formed a sequence of higher lows/highs, confirming an uptrend. However, it is now consolidating near the psychological level of $98,000, with resistance at $93,500–$95,000 and a significant barrier at $100,000.

Key Technical Indicators

Moving Averages (MAs):

50-day SMA: ~$87,180, with an upward slope, acting as support. The price is above this level, reinforcing short-term optimism.

200-day SMA: ~$93,131, also increasing, indicating strong long-term bullish momentum.

4-hour chart: The 50-day and 200-day MAs are bullish, but the price is testing the 50-day MA as dynamic support.

Relative Strength Index (RSI):

Daily RSI: ~60.58, neutral, suggesting room for upward movement without being overbought.

4-hour RSI: Approaching 70, near overbought territory, indicating possible short-term caution.

High RSI (>70) on shorter time frames suggests a potential pullback, especially after recent gains.

Support and Resistance Levels

Support:

Immediate: $91,000–$93,000 (key support zone).

Secondary: $87,500, backed by the 200-day EMA at ~$85,300.

Critical: $90,000, with a break below risking a drop to $88,000–$89,000.

Resistance:

Immediate: $93,500–$95,000.

Major: $100,000 (psychological barrier).

Next Target: $106,000 (liquidity zone).

Bullish Case: If BTC stays above $93,000 and breaks $95,000, it could target $98,000–$100,000 by mid-May. A close above $100,000 would indicate strong momentum towards $106,000.

Bearish Case: Failing to hold $93,000 could lead to a pullback to $91,000–$92,200. A break below $90,000 risks a deeper correction to $88,000 or $85,000 (~13% drop).