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- Today's Chart: Bitcoin Holds Above Key Support Level:
Bitcoin is currently trading around $70,950 USD at the time of writing this report on Thursday, maintaining a positive short-term bullish trend as it stays above the 50-day exponential moving average at approximately $70,512 USD. However, Bitcoin's price remains below the 100-day exponential moving average near $75,511 USD, and below the broader downward resistance level derived from its all-time high at $126,199 USD, so the current bullish trend is considered a recovery phase rather than a clear breakout.
The Moving Average Convergence Divergence (MACD) chart shows a positive and expanding trend, while the Relative Strength Index (RSI) remains around 56 in the positive zone on the daily chart, indicating increasing bullish momentum but still requiring a decisive move above support levels to accelerate.
Daily BTC/USDT Chart
The initial support level for Bitcoin is set at the 50-day exponential moving average at $70,512 USD. A daily close below this level would indicate waning demand, opening the door to further decline. On the bullish side, immediate resistance is observed at the weekly high of $72,857 USD, followed by the downward trendline barrier near $74,111 USD, then the 100-day exponential moving average at around $75,511 USD. Moreover, the 200-day exponential moving average, near $83,801 USD, remains a distant bullish target if buyers regain control sustainably.
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Bitcoin is currently trading at around $70,950 USD at the time of writing this report on Thursday, maintaining a positive short-term upward trend, as it stays above the 50-day exponential moving average at approximately $70,512 USD. However, Bitcoin's price remains below the 100-day exponential moving average near $75,511 USD, and below the broader downward resistance level derived from its all-time high at $126,199 USD, so the current bullish trend is considered a recovery phase rather than a clear breakout.
The Moving Average Convergence Divergence (MACD) chart shows a positive trend and expansion, while the Relative Strength Index (RSI) remains around 56 in the positive zone on the daily chart, indicating increasing bullish momentum but still requiring a decisive move above support levels to accelerate.
Daily chart of the BTC/USDT pair
The initial support level for Bitcoin is set at the 50-day exponential moving average at $70,512. A daily close below this level would indicate declining demand, opening the door for further decline. On the bullish side, immediate resistance is observed at the weekly high of $72,857, followed by the downward trendline barrier near $74,111, then the 100-day exponential moving average at around $75,511. Moreover, the 200-day exponential moving average, near $83,801, remains a distant bullish target if buyers regain control sustainably.
$BTC