Daily Chart: Bitcoin Recovery Provides Bullish Signals
Bitcoin prices are hovering around $101,457 at the time of this report as traders focus on the potential for a continued bullish trend. According to QCP Capital's market update on Monday, "BTC's recovery of the $100,000 level this morning indicates that the dip over the weekend was driven by macro factors, with investors turning to cryptocurrencies as a hedge while waiting for the opening of futures stock contracts."
Technically, the Relative Strength Index (RSI) indicates that momentum is gradually shifting towards the upside as it reflects the trend, pointing towards the midpoint line of 50. A recovery above this neutral level can reinforce the bullish trend, paving the way for further gains this week.
Daily chart for the BTC/USDT pair
The main monitoring levels include, especially for day traders, the 100-day exponential moving average, currently at $99,212, which is set to act as support, and the 50-day exponential moving average at $102,954, a previous support level turned resistance. A breakout above the 50-day exponential moving average obstacle will expand the bullish range above $105,000, a psychological resistance level.