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Today’s Chart: Bitcoin Fails to Reach $80,000 Support Level
Bitcoin is trading lower amid bearish technical indicators, reflecting the prevailing risk-off sentiment in the cryptocurrency market. The leading digital currency is notably trading below the 50-day exponential moving average at $90,730, the 100-day EMA at $94,287, and the 200-day EMA at $98,155, maintaining downward momentum.
Selling pressure is unlikely to ease as the Moving Average Convergence Divergence (MACD) remains below its signal line on the daily chart, encouraging investors to reduce their exposure.
The Relative Strength Index (RSI) at 31 on the daily chart indicates a potential move into oversold territory, confirming bearish expectations. However, if market sentiment improves and bullish traders capitalize on the price decline, this could lead to a trend reversal and push Bitcoin above the support level that has turned into resistance at $84,450.
Daily chart of the BTC/USDT pair