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Source: TradingView & BingX
The 4-hour chart shows Bitcoin at $102,009, down 2.12% from recent levels after reaching a high of $104,129 earlier in the period. The price has pulled back to test support near $101,500, which aligns with the 30-period moving average at $93,123.4, while the 60-period moving average sits at $88,012.3. The candlestick patterns reflect increased selling pressure, with a series of bearish candles following the peak, though volume has decreased, suggesting a potential slowdown in the downtrend. The RSI on the 4-hour chart is at 55.67, indicating neutral momentum, while the MACD shows a bearish crossover, pointing to possible further downside in the short term.
On the 1-day chart, Bitcoin’s broader trend remains bullish despite the recent correction, with the price having risen from $58,846 in late 2024 to a peak of $104,129 before dropping to $102,009. The daily chart shows the price holding above the upper boundary of a long-term ascending channel, with $101,500 acting as immediate support. The 200-period moving average at $93,456.78 continues to slope upward, reinforcing the bullish structure, but the recent decline has seen a spike in volume, indicating profit-taking. The RSI on the daily chart is at 68.45, cooling from overbought levels, while the MACD remains bullish but with narrowing lines, suggesting weakening momentum.
From a technical perspective, Bitcoin’s current levels on both timeframes suggest a consolidation phase after the recent rally. On the 4-hour chart, the neutral RSI and bearish MACD indicate a risk of further decline if $101,500 fails to hold, with the next support near $98,000. On the 1-day chart, the price holding above the channel’s upper boundary and the 200-period moving average supports the bullish trend, but the cooling RSI and MACD suggest caution. A break below $101,500 could target $93,456, while a recovery above $104,129 might signal a resumption of the uptrend, with resistance near $105,000.
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