TECHNICAL ANALYSIS $BTC

Bitcoin is facing resistance at moving averages, but a positive signal is that the bulls have not given in much to the bears.

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Daily BTC/USDT Chart | Source: TradingView

This increases the likelihood that Bitcoin will surpass the moving averages. The level of $100,000 may act as a barrier, but it is expected to be broken. The BTC/USDT pair could rise to $102,500, and then to $106,500.

If the bears want to stop the upward momentum, they need to pull the price below the nearest support level of $94,000. That could push the price down to the strong support at $90,000. The bulls are expected to fiercely defend the $94,000 level because if the price breaks below this level, it will complete a bearish double top pattern with a target of $85,000.

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4-Hour BTC/USDT Chart | Source: TradingView

The BTC/USDT pair is trading in a narrow range from $98,500 to $94,800. The moving averages have flattened out, and the relative strength index (RSI) is just below the average, indicating a balance between supply and demand. The bulls need to push the price above $98,500 to open up the opportunity to rise to $102,200.

Conversely, if the price continues to decline and breaks below the moving averages, that indicates this currency pair may continue to oscillate within the narrow range for some time longer. The short-term trend will lean towards the bears if the price drops below $94,000.