📈 #Bitcoin in a decisive zone: Breakout or pullback?
Bitcoin (BTC) is currently trading around $94,800, after a week of consolidation in this range. The price has surpassed its 200-day exponential moving average at $85,000, indicating a strong bullish trend. FingerLakes1
🔹 Current trend:
BTC shows a bullish structure in higher timeframes (4H and 1D), although it faces significant resistance at higher levels.
🔹 Resistance zones to watch:
$95,000 – $95,500: Level where the price has encountered constant supply.
$96,000: Important technical resistance, associated with previous highs.
$97,500 – $99,000: Next target if it breaks the current resistance with volume. CoinDCX
🔹 Relevant supports:
$93,000 – $93,200: Immediate support zone, corresponding to the cost basis of short-term holders.
$91,000 – $92,000: Key support in case of a deeper correction. Glassnode Insights
🔍 Technical indicators:
RSI (4H): Remains at neutral levels, indicating room for movement in both directions.
MACD (1H): Shows a recent bullish crossover, suggesting short-term buying pressure. Blockchain News
📊 Market sentiment:
Despite the influx of capital into some funds, the market shows mixed signals, with net outflows of $56.3 million in Bitcoin ETFs on April 30. Blockchain News
📌 In summary:
BTC is in a critical zone. A convincing breakout above $95,500 could pave the way towards $97,500 – $99,000. However, failure to overcome this resistance could lead to a correction towards $91,000 – $92,000.
⚠️ Always remember to manage your risk. The market can surprise.
