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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

Technical View on SOL: Price consolidates at a key demand zone with the bearish structure persisting
SOL remains under steady bearish control after a prolonged rejection from the $253 225–$187 supply zone, with the price peaking near Fibonacci levels 0.786–1.0. This area served as a clear distribution phase, and a sustained downtrend has begun.
Selling pressure increased after SOL lost the (203–) (0.618–0.5 Fibonacci) zone, leading to a collapse below all major moving averages and accelerating the decline.
Moving Average Structure $132 Bearish Alignment(
20 EMA – $133.61
50 EMA – $146.91
100 EMA – $162.02
200 EMA – $169.87
All moving averages are stacked above the price and sloping downward, confirming a strong downtrend as each temporary rebound faces a robust dynamic resistance.
Currently, SOL is approaching consolidation above the key demand zone )127–(, which closely aligns with the Fibonacci level 0 at $127.63. This area has historically provided strong support, and recent price action indicates a slowdown in selling momentum, increasing the likelihood of a temporary rebound.
For bullish traders, the first key level to regain is $152.74 )0.236 Fibonacci(. A daily close above this level would suggest early stabilization. A stronger rebound would require SOL to surpass the $171.99 )0.382 Fibonacci( level and recover the $187.55 )0.5 Fibonacci$132 level — levels that previously acted as strong support and now serve as major resistance.
A full trend reversal will only be confirmed if SOL recovers and holds above the $203.11 $120 0.618 Fibonacci( level — a scenario that seems unlikely without broader market strength.
On the downside, failure to maintain the support zone )127–( will invalidate the current base and expose SOL to deeper losses toward )and lower levels.
The RSI indicator is currently near 35, indicating weak momentum, but not in deep oversold territory — consistent with consolidation rather than panic selling.
📊 Key Levels
Resistance
$146.91 (50 EMA)
$152.74 (0.236 Fibonacci)
$171.99 (0.382 Fibonacci)
$187.55 (0.5 Fibonacci)
$203.11 $127 0.618 Fibonacci(
$225.26 )0.786 Fibonacci(
Support
$132–)Main Demand Zone$120
$127.63 (Fibonacci 0)
$187 Extended Bearish Support$127
RSI Indicator
35 — Weak momentum, stabilizing near demand
📌 Summary
SOL is positioned above a critical long-term demand zone after a sharp decline that lasted for several weeks. While a slowdown in selling pressure may allow for a temporary rebound, the broader structure remains bearish unless SOL strongly recovers the resistance zone at $172–$SOL . A break below will expose SOL to further downside risks.

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