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- Daily Chart: Bitcoin Sellers Tighten Their Grip:
The price of Bitcoin hovers above $66,000, below the 50-day exponential moving average (EMA) at $77,427, the 100-day exponential moving average at $84,845, and the 200-day exponential moving average at $92,085.
Key technical indicators, such as the Relative Strength Index (RSI) at 34 on the daily chart, suggest the bearish momentum may continue in the upcoming sessions. The SuperTrend indicator appears to be capping Bitcoin's rise at $72,271. Therefore, traders should watch the daily low at $64,291, which is likely to absorb selling pressure and halt further declines toward $60,000.
Daily chart of the BTC/USDT pair
Nonetheless, the Moving Average Convergence Divergence (MACD) remains above the signal line, indicating a slight advantage for buyers. However, as the green histogram bars shrink, upward pressure may increase, potentially leading to an extended sell-off.