🚀 $BTC Market Update: Testing the $95,000 Level
Bitcoin continues its high-volatility dance as we cross into mid-January. After a massive surge toward the $96,800 mark, we are seeing some immediate local resistance.
📊 Technical Breakdown
Current Price: 95,024.0 USDT
24h High: 96,863.7 USDT (A new local peak)
Moving Averages: The price is currently trading well above the MA(25) at 91,792 and MA(99) at 90,639, signaling a strong medium-term bullish trend.
Candlestick Pattern: We’ve just seen a Bearish Engulfing candle on the 4-hour chart following the peak at 96.8k. This suggests that sellers stepped in heavily at the $97k psychological barrier, leading to a short-term cooling-off period.
📉 Key Levels to Watch
Immediate Support: $93,931 (MA7). If we hold this, the bullish momentum remains intact.
Major Support Zone: $90,500 - $91,800. This is the "Golden Zone" where the MA25 and MA99 converge. A dip here would likely be met with heavy institutional buying.
Resistance: $96,863. A clean break and close above this level opens the door for a run toward the $100k milestone.
💡 Strategy Note
The Long/Short ratio shows 65.74% Longs, indicating the retail sentiment is still heavily bullish. However, be cautious of "long squeezes" if the price dips below the 7-day MA.
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