Analysis of Bitcoin (BTC/USDT) price using technical analysis tools from the daily timeframe (1D):
1. Overall trend: The overall trend has been bearish for a while, until it reached a low of 74,508.00 USDT. Then the price began a gradual rebound and is currently at 92,308.01 USDT.
The price has broken MA(25) = 84,334.70 and MA(7) = 88,812.75, and is now testing MA(99) = 90,751.08 as resistance.
2. Moving Averages
MA(7) > MA(25) and this is a positive (bullish) crossover.
The price is currently trading above MA(7) and MA(25), but slightly below MA(99) → indicating a potential resistance in this area.
3. Relative Strength Index (RSI)
RSI(6) = 74.22 → has entered the overbought area, increasing the likelihood of a correction or temporary drop.
4. Volume
There is a clear increase in buying volumes during the recent rise, but it has started to decline in the last candles → weakness in buying momentum.
5. Recent Candlesticks
The last candle tends to form a doji or a reversal candle (clear rejection above 93,997.16) → an indication of market hesitation and the possibility of a correction.
Technical conclusion: The overall trend has started to turn bullish, but:
RSI in the overbought area → high likelihood of a temporary bearish correction. Strong resistance at MA(99) and at the recent peak near 94,000 USDT.
Potential scenarios:
Corrective drop to:
88,800 USDT (MA 7) is the first support.
84,300 USDT (MA 25) is a stronger support.
In the case of a bullish breakout above 94k, USDT remains stable and with volume:
Confirmation of the continuation of the rise, the next target may be between 98k and 100k