At the time of writing, the market capitalization of bitcoin is $2.03 trillion, with a current price ranging between $102,536 and $102,739 in the last hour. The 24-hour trading volume of bitcoin is $62.38 billion, and its intraday price has fluctuated between $97,532.25 and $102,629.
Bitcoin’s daily chart shows a period of consolidation around the $102,000 level, following a rebound from a low of $87,119 and a high of $108,364. The pattern of higher lows suggests that the bullish momentum is likely to continue. Both exponential and simple moving averages (EMAs and SMAs) across all timeframes indicate favorable conditions for buying. Resistance is strong at $108,000, while support is near $98,000, which are critical levels to monitor.
Zooming in on the 4-hour chart, bitcoin has experienced a strong recovery from $89,164, although its upward progress is currently limited by resistance at $102,927. Volume data indicates consistent buyer activity during price increases. Moving averages, including the 50-day EMA at $95,217, further confirm an upward trajectory. Potential entry zones may exist between $98,000 and $100,000, subject to confirmation of bullish signals.
On the 1-hour chart, the formation of higher highs and higher lows indicates short-term bullish momentum. Breakouts are accompanied by steady volume, indicating sustained buying interest. Resistance remains at $102,927, with possible entry points identified between $101,000 and $101,500 during pullbacks. Setting a stop-loss at $100,000 is advisable to manage risk.
Oscillators provide a mixed but mostly optimistic perspective. The relative strength index (RSI) remains steady at 63, while the Stochastic at 88 and commodity channel index (CCI) at 158 are neutral, indicating neither overbought nor oversold conditions at present.
On the other hand, the awesome oscillator at 237 and momentum at 5,967 indicate strong buy signals, reinforcing the broader bullish outlook. The moving average convergence divergence (MACD) level at 723 further emphasizes upward momentum, supported by a positive histogram and a widening gap from the signal line.
Moving averages (MAs) across all major timeframes continue to indicate a bullish trend. Short-term EMAs, such as the 10-day and 20-day values at $98,147 and $97,358 respectively, suggest immediate upward pressure. Meanwhile, longer-term indicators, including the 50-day EMA at $95,217 and the 200-day EMA at $79,447, reinforce the prevailing strength.
Similarly, simple moving averages (SMAs) align with this outlook, highlighting the persistence of the trend. Taken together, these metrics suggest that bitcoin remains well-positioned for further upward movement, provided that volume sustains its current levels and resistance levels are effectively managed.
Bull Verdict:
The sustained higher lows, strong support at $98,000, and alignment of moving averages across all timeframes indicate a continuation of bullish momentum for bitcoin. If volume remains consistent and resistance at $108,000 is broken, the cryptocurrency appears poised for further upward movement in the near term. Entry points between $98,000 and $101,500 offer potential opportunities for buyers, with key levels suggesting optimism for continued gains.
Bear Verdict:
While bitcoin shows signs of strength, the resistance at $108,000 and limited upward momentum at $102,927 could lead to a potential pullback. A drop below $98,000 would challenge the current uptrend, and decreasing volume during key price levels could further indicate weakness. Traders should exercise caution, as a decline towards the 50-day EMA at $95,217 or even the 200-day EMA at $79,447 could shift sentiment to a bearish outlook.
