- Today's Chart: Bitcoin Continues Sideways Trading Above a Key Support Level

Bitcoin is currently trading at $71,616, maintaining its price above the 50-day exponential moving average at $70,587. However, the price remains confined below the 100-day exponential moving average at $75,438 and the 200-day exponential moving average at $83,808. This situation indicates a limited or neutral trend leaning towards bearishness, with the price between a short-term support level and a significant overhead supply in the medium term.

Momentum is positive, as the Moving Average Convergence Divergence (MACD) remains in the positive zone with a healthy daily chart, while the Relative Strength Index (RSI) hovers around 58, suggesting buyers still hold some control but lack a clear breakout.

Daily Chart of BTC/USDT Pair

On the bullish side, initial resistance for Bitcoin is observed near the descending trendline at $73,830, which is now a critical hurdle, followed by the 100-day exponential moving average at $75,438, then the 200-day exponential moving average at $83,808. On the downside, the 50-day exponential moving average at $70,587 provides immediate support. A daily close below this level is likely to lead to a further decline below $70,000, while continued trading above it keeps the door open for another attempt to break through the $73,830 zone.
$BTC ‌
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