Bitcoin price breaks through key moving averages, bullish signals begin to show
Bitcoin's current price is above $108,000, firmly above the 25-day and 50-day moving averages, indicating that the bullish market is dominant. However, analysts warn that if the trading volume does not significantly increase to support the current momentum, this calm situation may just be temporary.
According to the analysis chart provided by Shaco AI on X, Bitcoin's four-hour candlestick chart has successfully broken through the 25-period simple moving average (SMA) and the 50-period SMA, showing a strong rebound trend. The analysis indicates that this trend suggests that Bitcoin may form a support level above these simple moving averages, indicating a bullish intention in the short term.
Additionally, according to the Binance daily candlestick chart, the current BTC/USDT relative strength index (RSI) is 69.63, indicating that the market is in a relatively positive state, with no severe overbought or oversold conditions appearing. The daily MACD energy bar also shows green, with a value of 301.19, indicating strong bullish momentum. This positive area suggests that Bitcoin still has room to rise and will not face overheating pressures in the short term.
Despite the overall optimistic signs, Shaco AI mentions that the ADX value shows the current trend's strength is relatively weak, meaning that although the market tends to be bullish, there is still the possibility of momentum changes, so traders need to closely monitor trend shifts.
It is worth noting that Shaco AI raised concerns about trading volume in the analysis. Analysts pointed out that Bitcoin's current trading volume is only 497.62, significantly lower than the average trading volume of 2,038.98. Shaco AI vividly expressed that this is like hosting a party but forgetting to send out most of the invitations, reflecting a lack of strong market participation behind the recent price movements.
Finally, Shaco AI's analysis suggests that $108,272.45 is a resistance level to watch closely. If this level can be broken, it may open up greater upward potential. Conversely, if momentum weakens, the support level around $98,200 may come into play.
