Analysis: Bitcoin shows signs of seller exhaustion at 200-day moving average support, could return to $95,000

Odaily Planet Daily News Bitcoin technical charts show signs of seller exhaustion at the 200-day simple moving average (SMA) support level, suggesting that prices may rebound. Since last Wednesday, the decline in Bitcoin prices has stalled at the 200-day moving average support level. The daily candlestick charts on Tuesday and Friday are particularly eye-catching. Both show a small real body with a long lower shadow pattern, indicating that the bears have failed to gain a foothold below the 200-day moving average. Technical analysts point out that this candlestick chart pattern appears after a clear downtrend and usually indicates a potential bullish reversal. Traders generally view this as evidence of weakening selling pressure, which may translate into a new round of upward phase. Based on this, Bitcoin may rebound to Sunday's high of about $95,000. If it breaks through this level, traders may once again target the $100,000 mark. On the other hand, if it falls below the 200-day moving average support level, Bitcoin may face a deeper decline. (Coindesk)