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Source: TradingView & BingX
The 4-hour chart shows Bitcoin at $110,885, up 5.68% from the recent level of $104,900 on May 20, after a strong rally past the $105,000 resistance. The price has set a new high, well above the 30-period moving average at $95,789.2 and the 60-period moving average at $89,456.1, confirming robust bullish momentum. The candlestick patterns show a series of large bullish candles with increasing volume, reflecting intense buying pressure. The RSI on the 4-hour chart is at 82.34, deep in overbought territory, while the MACD remains strongly bullish, though the extreme RSI suggests a potential short-term pullback.
On the 1-day chart, Bitcoin’s broader trend is overwhelmingly bullish, with the price soaring from $58,846 in late 2024 to the current $110,885, solidifying its position above $100,000. The daily chart shows the price extending far beyond the upper boundary of a long-term ascending channel, with $105,000 now acting as a distant support after the breakout. The 200-period moving average at $95,123.78 continues to trend upward, supporting the bullish structure, and the rally has been backed by high volume, indicating strong market conviction. The RSI on the daily chart is at 85.67, severely overbought, and the MACD, while bullish, shows significant divergence, signaling potential overextension.
From a technical perspective, Bitcoin’s current levels on both timeframes indicate an exceptionally strong uptrend but with heightened risks of a correction. On the 4-hour chart, the extremely high RSI and bullish MACD suggest the price may test $112,000, but the overbought conditions point to a likely pullback toward $105,000. On the 1-day chart, the massive rally and overbought RSI warn of a possible sharp correction, with support at $105,000 or the 200-period moving average at $95,123. A sustained move above $112,000 could target $115,000, while a drop below $105,000 might signal a deeper pullback.
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