$BTC Broke out from a falling wedge pattern and formed a higher low/high sequence, confirming a bullish trend. However, it’s now consolidating near the psychological $98,000 level, with resistance at $93,500–$95,000 and a major barrier at $100,000.

Key Technical Indicators

Moving Averages (MAs):

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

200-day SMA: ~$93,131, also rising, 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, nearing overbought territory, indicating potential short-term caution.

High RSI (>70) on shorter timeframes suggests a possible pullback, especially after recent gains.

Support and Resistance Levels

Support:

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