Bitcoin Shows Bullish Signals as Price Stabilizes Near Key Support Level
Technical analysis of Bitcoin (BTC) candlestick patterns shows potential bullish sentiment as prices have stabilized at the 200-day simple moving average (SMA) support level. Key observations include:
- Two recent daily candles indicate a slowdown in price decline, suggesting a possible reversal.
- Both Tuesday and Friday candles exhibited small bodies with long lower wicks, indicating sellers failed to maintain control below the 200-day SMA.
- Buyers are likely stepping in to defend this key support level.
If BTC rebounds, it may reach around $95,000, with further resistance at $100,000. Conversely, a drop below the 200-day SMA could lead to increased losses.
