Bitcoin is currently trading at $91,328.19, marking an increase of $1,028.19. Despite this rise, technical indicators across multiple timeframes suggest a bearish momentum. The 5-minute, 1-hour, and 6-hour charts all show bearish signals with RSI values below 50 and bearish MACD patterns, while the daily chart remains bullish with an RSI of 54.71.
Key resistance levels are identified at $91,500 for the 5-minute and 1-hour charts, and $92,000 for the 6-hour chart. Support is noted at $90,000 across shorter timeframes, with the 6-hour chart showing additional support at $88,000. A potential reversal could occur if Bitcoin breaks above $92,000, but current volume trends suggest a volatility squeeze.
Traders are advised to watch for a breakout, with a suggested short trade setup on the 1-hour chart targeting $90,000 and $89,500, with a stop at $91,800. The long-term bullish trend remains intact, but patience is advised as the market navigates current bearish pressures.
Bitcoin Faces Bearish Momentum Despite Long-Term Bullish Trend
Disclaimer: The content provided on Phemex News is for informational purposes only. We do not guarantee the quality, accuracy, or completeness of the information sourced from third-party articles. The content on this page does not constitute financial or investment advice. We strongly encourage you to conduct you own research and consult with a qualified financial advisor before making any investment decisions.
