$BTC Still Under Pressure💣💣💣
At the time this news was written, the price of Bitcoin is being traded at US$77,319 after falling by nearly 3% over the course of the week.
📈BTC maintains a constructive bullish bias as it remains comfortably above the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs), which are converging in the range of US$70,700 to US$72,900. This positioning suggests that the broader uptrend is still intact even though the price is consolidating below the most recent high level.
Relative Strength Index (RSI) has eased to around 58 on the daily chart, indicating that momentum is still positive but beginning to cool off. At the same time, the Moving Average Convergence Divergence (MACD) histogram remains in negative territory, hinting that the upward push is starting to slow down even though the underlying technical structure remains strong.
🔥On the upside, the initial resistance is visible at a horizontal barrier near US$85,000, where a breakout would reopen the path toward new all-time highs.
⛔On the downside, the nearest support is provided by the 200-day EMA around US$72,901 and the 50-day EMA near US$72,766, with the 100-day EMA lower at about US$70,729 reinforcing the broader bullish base.
Below these levels, horizontal support at US$66,500 and US$62,300 marks a deeper demand zone that must be breached to threaten the prevailing uptrend.
#USAugustPPIRisesLessThanExpected #SECApprovesNasdaqTexasCommodityTrustRule $PEPE $AAVE
At the time this news was written, the price of Bitcoin is being traded at US$77,319 after falling by nearly 3% over the course of the week.
📈BTC maintains a constructive bullish bias as it remains comfortably above the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs), which are converging in the range of US$70,700 to US$72,900. This positioning suggests that the broader uptrend is still intact even though the price is consolidating below the most recent high level.
Relative Strength Index (RSI) has eased to around 58 on the daily chart, indicating that momentum is still positive but beginning to cool off. At the same time, the Moving Average Convergence Divergence (MACD) histogram remains in negative territory, hinting that the upward push is starting to slow down even though the underlying technical structure remains strong.
🔥On the upside, the initial resistance is visible at a horizontal barrier near US$85,000, where a breakout would reopen the path toward new all-time highs.
⛔On the downside, the nearest support is provided by the 200-day EMA around US$72,901 and the 50-day EMA near US$72,766, with the 100-day EMA lower at about US$70,729 reinforcing the broader bullish base.
Below these levels, horizontal support at US$66,500 and US$62,300 marks a deeper demand zone that must be breached to threaten the prevailing uptrend.
#USAugustPPIRisesLessThanExpected #SECApprovesNasdaqTexasCommodityTrustRule $PEPE $AAVE
