Bitcoin Stalls Above $77K Amid Inflation Jitters
Bitcoin's price remains above $77,000 on Monday, maintaining its bullish momentum. The cryptocurrency has sustained gains of over 20% this month and is currently holding at a crucial retracement support level.
The technical outlook for Bitcoin is positive as it holds above the 78.6% retracement level of $76,706. Additionally, the price is above both the 50-day Exponential Moving Average (EMA) at $69,675 and the 200-day EMA at $72,630.
Momentum appears to be easing as the Moving Average Convergence Divergence (MACD) risks crossing below its signal line. However, the Relative Strength Index (RSI) has slipped to 69 from an overbought zone, indicating that overstretched momentum is easing.
In other news, decentralized exchange tokens such as Uniswap and PancakeSwap have extended their gains in recent days. Uniswap trades above $5.00 with a bullish near-term bias due to its price holding above the converging 50-day and 200-day EMAs at $3.94 and $4.04.
PancakeSwap is also maintaining a bullish trend, trading around $1.8100 with momentum staying constructive despite an emerging overbought condition.