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Bitcoin Price Holding Above $85,000. Are We Out Of The Woods?

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Ben Graham

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Bitcoin Price has been nothing but steady over the past two weeks. That is no surprise, but the question is: What comes next? This month will be very interesting as the FED flies blind when it comes to a rate cut decision. It has been a week since the end of Quantitative Tightening, yet the markets are neutral.

In the meantime, Saylor keeps buying Bitcoin Bitcoin 3.00% Bitcoin Bitcoin BTC Price $90,114.09 3.00% /24h Volume in 24h $39.05B Price 7d in full conviction of his thesis. Some might wonder what will happen with $MSTR if BTC drops below $70,000. It looks like he might just buy more.

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Bitcoin Price Could Drop To $60,000 Or Jump To New ATH

Bitcoin-Price-1W-scaled.png

(Source – Tradingview, BTCUSD)

Starting our analysis with the Weekly chart today. We have been looking at these levels over the past couple of months, and the price has been following them very obediently. Technical analysis is a science comprised of psychology and math + logic. Things can look chaotic, but are they really? See our previous article here. No one can predict where the market will go next. But everyone can make an educated guess. Technical analysis (and fundamental, of course) is the “educated” part.

On this chart, the one thing we really care about is this MA100 (green). We really, really want this level to hold. It aligns well with the FVG gap, and this is where the price has been hovering. Nothing new for now. MA200 is way down, at $56,000. Not a desired location for the bulls.

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Bitcoin Price is hovering around $85 000 - $90 000 lately. Does that mean a support base is being built, or buyers are weak?

(Source – Tradingview, BTCUSD)

Next in line for this analysis is our 1D chart. We can identify a slow ascent with potentially a third high in a row. Not much strength by the bulls, though. There is a Bullish Engulfing candle right after the second higher low. But we are still way below MA50 on this timeframe, which currently sits around $100,000. RSI came out of the oversold area and has been climbing. What we care about here is to enter the $98,000 – $104,000 zone and to reclaim the Moving Averages. Until then, the structure is bearish.

Stay safe out there!

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Bitcoin Price Holding Above $85,000. Are We Out Of The Woods?

  • All MAs on 1D must be reclaimed.
  • Weekly FVG is filled and is the current range.
  • $98,000 – $104,000 must be reclaimed to move upwards
  • MA100 on weekly still acting as support

The post Bitcoin Price Holding Above $85,000. Are We Out Of The Woods? appeared first on 99Bitcoins.

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