Bitcoin (BTC) Holds Critical Trendline Support in Defining Market Moment

Bitcoin (BTC) is trading at a technically important zone as it keeps on defending a long-term trendline that has recently turned over from resistance to support. Market analysts are keenly observing this zone. Sustained value trait around this level is anticipated to play an important role in shaping BTC’s larger market formation in the weeks ahead.

According to CoinMarketCap, at the time of writing, the coin is trading at $93,518.96 with a 2.05% increase in rate. The market cap of the coin has exceeded almost $1.86 trillion, and the coin’s volume is around $40.66 billion.

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Flipped Support-Resistance Trendline in Focus for Bitcoin

A flipped support-resistance (S/R) trendline indicates a level that previously acted as resistance but later becomes support after market action. On the weekly timeframe, BTC has retested this trendline many times since breaking above it.

Historical price data shows that similar flipped S/R zones have mostly served as significant decision points in past market cycles. BTC’s ability to still be above this trendline shows that buyers are still defending higher price levels, preventing a deeper formational breakdown.

Technical Indicators and Outlook

BTC’s price chart reveals the upward momentum, and it could climb toward the resistance (yellow) at around $93,762.13. Assuming the bullish pressure strengthens, it sends the coin’s price up to test the $94,000 range.

If a reversal occurs, the bears may push the token’s price down to the support level (blue) at $91,838.76. In case the downside correction gains more traction, the death cross could form and likely drive the asset’s price to a low of $90,000 or even lower. The moving average convergence divergence (MACD) indicator shows the coin experiencing a bullish momentum since the MACD line (blue) is above the signal line (orange).

Source: TradingView

The Relative Strength Index (RSI) is currently indicating that the asset is being overbought. The pivot points have established the support levels at $90,154, $89,069, and $ 87,915. The resistance levels of the token are at $92,393, $93,547, and $94,632.

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