🚨🚨Bitcoin Could Rebound to $100K Due to Signs of BTC Bear Exhaustion.
Signs of seller weariness at the 200-day SMA point to the possibility of a price bounce.
🤔What to Know: Technical charts show bullish undercurrents for bitcoin at critical support levels, implying a potential market turnaround. Bitcoin's price slide has come to a halt at the 200-day simple moving average support level, indicating that selling pressure is easing. Resistance is seen at $95,000, followed by $100,000.
💡Technical charts, particularly candlestick patterns, frequently represent market psychology, emphasizing trader sentiment and activity. Since Friday, at least two bitcoin (BTC) candles have shown bullish undercurrents near multi-month lows, providing some hope for crypto enthusiasts. Since last Wednesday, the price decrease of Bitcoin has paused at the 200-day simple moving average support level, as shown in the chart below. Daily candles for Tuesday and Friday are particularly interesting because they have small bodies and long lower wicks, indicating bear fails below the 200-day SMA.
👍In other words, on both days, sellers attempted to push prices below the critical average but were unable to gain a foothold, most likely due to buyers stepping in to maintain the support level.
💡💡As a result, BTC could rebound to Sunday's high of roughly $95,000, from which traders may once again aim for the $100,000 milestone. On the other hand, a break below the 200-day SMA could result in further losses.
🚨🚨Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.