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Today’s Chart: What’s the Next Step with Bitcoin Price Correction?
Bitcoin is trading above $96,000 as of writing this report on Thursday, after a price correction from the previous day's high of $97,924. The Relative Strength Index (RSI) has fallen to 68 on the daily chart after approaching overbought territory, indicating that the bullish momentum is gradually waning.
The 100-day Exponential Moving Average (EMA) at $96,032 is expected to absorb potential selling pressure from profit-taking. A close below this level could accelerate losses toward the Wednesday low of $94,559. Continued selling could push Bitcoin’s price toward the 50-day EMA at $92,111.
Daily chart of the BTC/USDT pair
On the other hand, the 200-day EMA at $99,570 limits the upside potential. A decisive break above this level will be necessary to confirm the continuation of the potential bullish trend.