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- Daily Chart: Bitcoin Trading Under Pressure:
Bitcoin is trading above the support level at $95,000 as of this report on Friday, but remains below the 100-day exponential moving average, which caps the upside at $96,009.
The Relative Strength Index (RSI) remains at 64 on the daily chart, indicating price stability for Bitcoin, but lacking enough momentum to break through the 100-day exponential moving average. A close above this moving average would strengthen short-term bullish prospects and increase the likelihood of a breakout toward the 200-day exponential moving average at $99,521.
Daily BTC/USDT Chart
The Moving Average Convergence Divergence (MACD) indicator remains above the signal line on the same chart, supporting short-term bullish expectations for Bitcoin. The histogram bars are expected to continue expanding above the zero line, encouraging traders to increase risk levels.
However, a close below the 100-day exponential moving average and immediate support at $95,000 could trigger a prolonged sell-off accompanied by profit-taking. The 50-day exponential moving average is expected to absorb potential selling pressure at $92,219.
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