Bitcoin Holds Above Key Levels Amid Bullish Trend
Bitcoin is holding steady above key levels according to CryptoMichNL, who notes that massive wicks from leverage have emerged as markets wake up. The analyst flags sub-$76,200 and sub-$74,000 zones as potential areas for spot accumulation.
The price action is showing a bullish trend, with BTC maintaining its position above the EMA50 at $69,319.62 and EMA200 at $65,630.92. Despite RSI(14) reaching 78.18, indicating overbought conditions, and MACD confirming a golden cross at 32,977.98, the asset remains within Bollinger Bands with upper resistance at $81,793.91.
This suggests that Bitcoin is due for a healthy retracement towards the 50-EMA support before continuing its upward momentum.