Bitcoin

Price adjustments for bitcoin across multiple timeframes reveal short-term put pressure while maintaining a long-term bullish outlook.

The recent price trend of bitcoin (BTC) has highlighted a short-term put adjustment, while the broader trend is still bullish, with key levels determining traders' potential opportunities.

The hourly chart shows a short-term bearish trend for bitcoin, with prices oscillating between $96,556 and $97,118. Increasing selling volume and continuous red candles indicate a dominant bearish sentiment. A green candle suggests a reversal, but the lack of follow-up action confirms the downward momentum. The key support is at $96,500; a drop below this level could trigger further selling towards $0.095 million. Before considering bullish positions, traders should look for a decisive breakthrough above $97,500 supported by strong trading volume.

On the 4-hour chart, bitcoin is in a clear downtrend characterized by lower highs and lower lows. The price has retreated from a local peak of $99,800, with $96,500 support remaining crucial. Higher selling volume than buying strengthens the bearish momentum. A short-term rebound is reasonable if bitcoin maintains this support; however, failure to sustain this level could push the price to $95,000 or lower. Resistance must be reclaimed at $98,000 to $99,800 to turn the medium-term trend bullish.

The daily chart reflects a broader bullish trend, despite recent price movements indicating exhaustion. Bitcoin rebounded to $98,907, with decreasing trading volume implying weakening momentum. Cross candles near recent peaks emphasize market indecision, leading to a pullback. Support at $96,000 could provide an attractive entry point for bullish positions, provided trading volume confirms buying recovery. If this level fails, bitcoin could retreat to $90,000.

From an oscillator perspective, the 75 Relative Strength Index (RSI) indicates bitcoin is overbought on the hourly chart, suggesting caution towards new long positions. The Moving Average Convergence Divergence (MACD) level at 6,922 remains positive, indicating an upward momentum on a higher time frame. Momentum indicators like the Awesome Oscillator and Exponential Moving Average (EMA) from 10 periods to 200 periods favor buying, highlighting long-term strength despite short-term corrections.