- Price Analysis: Traders betting on a rise in Bitcoin are seeking to regain control of the trend.


Bitcoin is currently trading at $77,350, maintaining a slight downward trend, as it remains below the 200-day Exponential Moving Average (EMA) at $81,335, while staying above the 50- and 100-day EMAs clustered just below $77,000. This situation indicates that the overall bullish trend remains limited in the medium term, even as the rising EMAs provide dynamic support nearby.

Momentum signals are mixed, as the Relative Strength Index (RSI) hovers around the neutral 48 on the daily chart, while the Money Flow Index (MFI) slips into the oversold zone near 29. At the same time, the Moving Average Convergence Divergence (MACD) chart remains below zero on the same chart, indicating continued downside pressure, but it may be approaching exhaustion.

Daily chart of the BTC/USDT pair

On the downside, initial support is strengthened by the 50-day EMA at around $76,790, and the 100-day EMA near $76,884, with a stronger support level emerging at the uptrend line around $70,380 if selling accelerates. On the upside, buyers need to reclaim the 200-day EMA at $81,335 as the first major resistance level to ease the current situation and open the door for a retest of recent highs, while failure to recover this level will keep rallies vulnerable to renewed sell flows.
$BTC
BTC-1.2%
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