Analysis: Bitcoin Shows Signs of Seller Exhaustion at 200-Day Moving Average Support, May Return to $95,000
According to ChainCatcher, as reported by CoinDesk, Bitcoin's technical chart shows signs of seller exhaustion at the 200-day simple moving average (SMA) support level, suggesting a potential price rebound.
Since last Wednesday, Bitcoin's price decline has stalled at the 200-day moving average support level. The daily candlestick charts on Tuesday and Friday are particularly noteworthy, both showing small bodies with long lower shadows, indicating that the bears failed to hold below the 200-day moving average.
Technical analysts point out that this candlestick pattern, appearing after a clear downtrend, usually signals a potential bullish reversal. Traders generally see this as evidence of weakening selling pressure, which could translate into a new upward phase. Based on this, Bitcoin might rebound to the high of approximately $95,000 on Sunday, and if it breaks through that level, traders might once again target the $100,000 mark.
On the other hand, if it breaks below the 200-day moving average support level, Bitcoin could face a deeper decline.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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