Bitcoin Price Stuck in Battle Between Buyers and Sellers
Bitcoin's price action has been stuck in a battle between buyers and sellers, with neither side able to gain significant ground. Yesterday, buyers came in early in the North American session and pushed the price above its 100- and 200-hour moving averages, taking it to its highest level since September 23.
However, the rally was short-lived, and the price quickly rotated back below both moving averages, fizzling out the upside push. This has left sellers with a modest near-term advantage, but buyers still have a floor to lean against.
The current price is trading just below both moving averages, which remain key indicators for buyers and sellers. The 100-hour moving average sits at $83,721, while the 200-hour moving average stands at $84,013.
Buyers need to reclaim these levels to gain more control over the market. If they can establish support above the 200-hour moving average, their next upside targets would be $85,578 and $87,374.