Beyond pure sentiment, the technicals also back this cautious optimism.
Still bullish, but…Bitcoin has been recovering for weeks following its November lows near $80,000. Since then, it was able to briefly pierce above the Ichimoku Cloud—a "cloud" built from several moving averages to highlight dynamic support and resistance, and the prevailing trend—and test the $96,000 zone. That move has now reversed, with Bitcoin’s price retreating back below the EMA50—the average price of the last 50 days—which hovers around $93,000.
The Average Directional Index or ADX sits at 32.7, which is above the 25 threshold that confirms an actual trend is in place—this is a strong reading and is confirmed by prices bouncing at a clear upwards support. This measures trend strength without considering directionality, but given that the last two months have been bullish overall, the direction still points towards a slow price hike.
The Relative Strength Index or RSI at 54.1 is squarely neutral, offering no clear directional bias. This is neither oversold enough to attract bargain hunters nor overbought enough to justify aggressive profit-taking. Overall, traders are not really crazy to buy or sell, with Bitcoin moving in low volume zones.
The verdict? Bitcoin needs to reclaim and hold above $95,000 this week to keep the golden cross narrative alive. A weekly close below $91,000 would flip the short-term structure decidedly bearish, and likely trigger another leg down toward the December lows.
Key levels to watch:
Resistance: $98,000 (EMA50/Cloud) $100,000 (approximate breakdown level) $108,757 (strong) Support: $91,000 (immediate) $80,000 (December low)
