Bitcoin Continues Consolidating Within Key Range

Chart Analysis:

Bitcoin remains in a long-term uptrend, supported by an ascending trendline (black line) and recently consolidating within a rectangular range near $96,000.

1️⃣ Ascending Trendline:

The long-term trendline continues to act as dynamic support, underpinning Bitcoin's bullish structure.
Traders may watch for price reactions near this trendline for potential bounce opportunities.

2️⃣ Key Range:

Bitcoin is consolidating between $96,000 (support) and $110,000 (resistance).
A breakout above $110,000 would confirm bullish momentum, while a break below $96,000 could signal downside risks.

3️⃣ Moving Averages:

50-day SMA (blue): Positioned near $91,000, providing short-term dynamic support.
200-day SMA (red): Rising around $70,000, confirming the long-term bullish trend.

4️⃣ Momentum Indicators:

RSI: Hovering near 51, indicating neutral momentum after cooling off from overbought conditions.
MACD: Momentum remains positive, but recent consolidation has led to a flattening trend in the MACD.

What to Watch:

Monitor the $96,000-$110,000 range for potential breakout opportunities.
A breakout above $110,000 could target new highs, while a drop below $96,000 may test the ascending trendline or lower supports.
Look for RSI or MACD divergences to confirm breakout direction.

Bitcoin remains within a bullish structure, with the ascending trendline and moving averages providing key levels to follow. The consolidation phase offers a clear technical setup for the next directional move.

-MW