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- Daily Chart: Bitcoin Buyers Tighten Their Grip:
The price of Bitcoin rose above $71,000 at the time of writing this report on Wednesday, with the short-term trend turning slightly bullish as the price recovers from yesterday's decline and extends toward the upper end of the range, with resistance at its highest level since February 8 at $72,271.
Momentum is improving, as the Moving Average Convergence Divergence (MACD) remains stable above the signal line, along with the widening of the green bars on the daily chart. These indications suggest increasing bullish pressure.
The Relative Strength Index (RSI) is around 53 on the same chart, supporting the recovery trend. Despite this short-term positive outlook, Bitcoin's price remains well below the 50, 100, and 200-day exponential moving averages. Therefore, the overall trend remains bearish, and gains may face selling pressure.
Daily Chart of BTC/USDT Pair
Initial support is observed around the daily open level at $68,338, followed by a stronger support level at Tuesday's low of $66,158 if sellers regain control. On the upside, the $72,271 zone forms the first resistance level, coinciding with the SuperTrend indicator's baseline and the previous high. A daily close above this level would open the way toward the 50-day exponential moving average at $74,398.
$BTC