Technical analysis: Bitcoin in the $80,000-$100,000 range – what is expected?
Technical analysis is a tool that many investors use to gauge price direction. Examining the Bitcoin graph after reaching $100,000, several important key points are identified.
Thank you for reading this post, don't forget to subscribe!Support and resistance levels
After peaking at $100,000+, Bitcoin retreated into a healthy correction. Key support levels are at $80,000 (50-day moving average), $74,000 (January 2024 high) and $68,000. Resistance levels: $100,000 (psychological) and $109,000 (all-time high).
Technical indicators
RSI (Relative Strength Index) on a weekly basis is in “overbought” territory when Bitcoin is above $100,000. MACD shows an upward trend but with moderation. Bollinger Bands are wide – which indicates high volatility.
On-Chain Metrics
On-Chain data gives a complementary picture: SOPR (Spent Output Profit Ratio) indicates profit realization, negative Exchange Net Flow (more Bitcoin is leaving exchanges for cold storage – a sign of long-term holding), and Hash Rate at an all-time high.
Warning
Technical analysis is a tool, not a guarantee. The crypto market is affected by many factors that cannot be technically predicted. Must be combined with fundamental analysis and manage risks accordingly. See the chart analysis guide.
Open your MEXC digital wallet and get exclusive deposit bonuses. Over 1,700 digital currencies available!
🔗 Open a Free MEXC AccountAffiliate link • Sign up in seconds
