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Bitcoin Price Fluctuates Amidst Seller Pressure and Buyer Rebound
Bitcoin experienced a decline yesterday, falling below its 100-hour moving average and nearing a significant support level at $81,183. The cryptocurrency reached a low of $81,388 before buyers entered the market, preventing a further drop. Despite the initial seller pressure, the price rebounded, surpassing both the 100-hour moving average at $82,997 and the 200-hour moving average at $83,545, although this upward momentum could not be sustained.
Currently, Bitcoin is trading between the 100-hour and 200-hour moving averages, which serve as critical indicators for traders. If the price remains above the 200-hour moving average, the market sentiment may shift towards a bullish outlook, with resistance anticipated near $84,236. Conversely, falling below the 100-hour moving average would indicate a return to seller dominance, with potential targets at $81,388 and $81,183.
Since September 18, Bitcoin has been oscillating within a broader trading range, with key boundaries set at $80,106 on the downside and $87,374 on the upside. A decisive break beyond either of these levels could signal a resolution to the current market consolidation. Until such a breakout occurs, the 100- and 200-hour moving averages will continue to guide traders in assessing market dynamics and risk.
Source: KLEA News