Bitcoin $BTC rises by 1.9% today to a current price of $109,460.50—but it remains under clear selling pressure after losing more than 5% over the past month. Technical indicators signal clear caution: the Relative Strength Index (RSI) at 36.78 is close to oversold territory, and the price is below the 50-day and 15-day moving averages, reflecting short-term bearish momentum.
🟢 Psychological support… and potential drop
Closest critical supports: $110,000 – $108,695.
Breaking these will accelerate the drop towards the $100,000 barrier.
Resistances: $112,000 (current monitoring level), followed by $116,850 and then the August peak of $124,450.
What does the picture mean for the investor?
Short-term technical signals are negative: the price is below the averages, the Relative Strength Index is low, and momentum is weak.
However, the oversold condition may set the stage for a sudden rebound if the current support holds, especially with markets awaiting the Fed's decision which could support cryptocurrencies if interest rates are cut.
Caution is required: any drop below $108,695 could signal the beginning of a downward acceleration.
🧭 Summary
The short-term trend is bearish with the risk of breaking the $110,000 support.
A rebound depends on the strength of the support and/or surprises from the Fed.
The current price may attract speculators, but caution is necessary before making a decision.