Bitcoin Trades Below Key Moving Averages Amid Caution from Traders
Bitcoin (BTC) is currently trading at $94,383, below key short-term moving averages (25-hour SMA at $95,192 and 50-hour SMA at $95,675), indicating a potential loss of momentum. Traders show caution as bulls fail to regain control while bearish sentiment grows.
Key observations include:
- The dip below moving averages suggests a short-term bearish outlook.
- The Relative Strength Index (RSI) is at 38.78, indicating possible oversold conditions but with hesitation for a rebound.
- The Moving Average Convergence Divergence (MACD) stands at -432.37, reflecting bearish momentum but lacking decisiveness.
- Trading volume is muted at 527.17, below the average of 593.66, suggesting traders are awaiting clearer signals.
Important structural levels to monitor:
- Support at $93,514.1, acting as a potential safety net.
- Resistance at $96,593, crucial for any upward movement.
Investors should watch for momentum shifts and volume spikes to gauge Bitcoin's next movements.
