Technical Analysis of Bitcoin

Bitcoin continues to trade within a narrow range. The price has recovered from this week's low of 93.7K and has risen to test 97.7K, which is the highest level in May. Doji candles indicate uncertainty ahead of the Federal Reserve's interest rate decision.

Buyers, supported by the relative strength index above 50, indicating bullish momentum, will look for a breakout above 97.7K to extend gains towards 100K.

However, a bearish crossover on the MACD may encourage sellers. A rejection at 97.7K could lead to a price drop towards 93K and below, which is the psychological level of 90K.