Bitcoin Technical analysis

Source: Dukascopy Bank SA
Bitcoin remains in a strong downtrend, trading far below the 60-day SMA, which is acting as resistance near 104,139. The price has fallen sharply from the 125,000 area to around 87,810. It is now approaching a key support zone between 80,000 and 75,420, which is both psychological and structural. Any bounce from current levels will face major resistance at 93,500 and again at 100,381. The RSI is at 34.4, close to oversold territory, suggesting the market may be due for a short-term relief rally even though the broader trend is still bearish. Traders should watch for stabilization near 80,000, where a temporary rebound becomes more likely despite continued downside pressure.



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