Today’s Chart: Bitcoin Rises Above $70,000

Bitcoin is trading near $71,000, with a slight upward bias in the short term. The MACD( indicator remains above the signal line amid widening green bars on the daily chart, indicating continued bullish momentum after the rebound. Additionally, the RSI) is around 53 and points to a rise on the same chart, suggesting a slight improvement in bullish pressure, but not strongly.

Despite this short-term bullish outlook, the spot price of Bitcoin remains well below the 50-day, 100-day, and 200-day EMAs(, which are clustered around approximately $73,000 and $88,900, indicating that Bitcoin is still in a broader correction phase rather than a confirmed uptrend.

Daily BTC/USDT Chart
Initial resistance is seen at the upper boundary of the price range at $72,271. Above this level, the 50-day EMA) is at $73,200. A daily close above this area would open the door toward the 100-day EMA( at $80,473. On the downside, immediate support is at the daily low of $68,391, followed by the weekly open at $65,971.
As long as Bitcoin remains above $65,971, short-term declines will be within the recovery phase, but failure to surpass this level will refocus attention on the broader bearish trend defined by the moving averages.
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