Bitcoin Price Held Back by Resistance, Says CryptoMich

Bitcoin's price action is being held back by resistance levels, according to trader @CryptoMichNL. Currently, BTC is trading at $76,790.34 within the Bollinger Bands. The EMA50, at $77,122.54, is capping upside potential, while the EMA200, at $74,580.17, provides long-term support.

The MACD golden cross at -195.09 indicates building bullish pressure. However, a rejection at the upper band of $77,734.86 could trigger a retracement towards the lower band of $75,258.25 before any sustained push higher in price.