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- Today’s Chart: Bitcoin Retests Support Level:
Bitcoin’s price remains largely under selling pressure, despite a sharp rebound on Monday to $88,860. The $88,000 level acts as immediate support, but the Relative Strength Index (RSI) trending downward, settling at 41 on the daily chart, indicates the possibility of continued selling pressure.
A close below the $88,000 level is likely to encourage investors to reduce their risk exposure, as the Moving Average Convergence Divergence (MACD) indicator is below the signal line. The histogram bars extending below zero suggest increasing bearish momentum.
Daily BTC/USDT Chart
With downside risks emerging, the chances of Bitcoin’s price dropping to test its lowest level on Sunday at $86,075 and the support level on December 18 at $84,450 increase significantly. Conversely, surpassing the psychological barrier of $90,000 could boost interest in Bitcoin. Looking ahead, the 50-day Exponential Moving Average (EMA) caps the upside at $91,358, the 100-day EMA at $94,808, and the 200-day EMA at $98,528.