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Daily Chart: Bitcoin Heads Toward Higher Support Levels:
The price of Bitcoin hovers above $73,000, with a slight upward bias in the short term after surpassing the key $70,000 level. The overall momentum in the short term aligns with this improvement, as the MACD indicator remains above the signal line on the daily chart. Green histogram bars are expanding, which may encourage traders to increase their positions.
Meanwhile, the RSI approaches 57 on the same chart, indicating upward movement, reflecting current market conditions where Bitcoin is seeking higher support and a continuation of its recovery.
An extended increase in the RSI would confirm the short-term bullish outlook for Bitcoin to break beyond the 50-day exponential moving average at $74,400.
Daily Chart of the BTC/USDT Pair
The immediate support level for Bitcoin around $70,000 is a key pivot point. A break below this demand zone would reveal the next major level at $68,338, which corresponds to Wednesday’s opening price. As long as Bitcoin maintains a level above $68,338, the prevailing trend will favor buyers and lead to steady price increases.