- Daily Chart: Technical Outlook for Bitcoin:

Bitcoin is attempting to recover above the support level at $65,118, supported by the Relative Strength Index (RSI) which has stabilized at 31 on the daily chart after recently rising from the oversold region. Continued RSI recovery toward the midline will confirm a new bullish dominance, with bearish momentum waning.

Meanwhile, the Moving Average Convergence Divergence (MACD) is narrowing the gap with the signal line on the same chart. Additionally, the red histogram bars are steadily decreasing, indicating that sellers may have overextended their positions and a potential reversal could be imminent.

Traders will watch for the blue MACD line crossing above the red signal line, signaling a possible bullish shift and increasing their market exposure. The next resistance level is at $70,000, with the previous high on Sunday at $72,271, serving as the next primary targets. However, a close below $65,118 could push Bitcoin’s price downward toward $60,000.

$BTC Daily chart of the BTC/USDT pair