Technical Analysis – BTC extends consolidation near 92,500 later than post-Fed dip
- resumes sideways trading above 20-day SMA
- Eyes descending trendline breakout
- Momentum indicators hold a neutral-to-bearish bias
is trading back above 92,500, extending its more-than-one-week rangebound action above the key 20-day simple moving average (SMA). The largest crypto asset is stabilizing later than a volatile stretch following the Fed cut that briefly dragged prices below the 90,000 threshold.
Traders now appear more focused on preserving the rangebound trend structure than chasing upside, with the price hovering just below the short-term descending trendline drawn from the October record peak. That said, a breakout above that line at 93,400, which also marks the ceiling of the nahead one-month range, could increase the likelihood of a rally toward the 50-day SMA near 97,500, followed by stronger resistance at 98,000 and 100,000.
To the downside, support lies at the 23.6% Fibonacci retracement of the sharp pullback from October’s record peak to November’s monthly low at 91,364, followed by the 20-day SMA just below at 90,200 and the range floor at 87,000.
The RSI on the daily chart is flatlining near the neutral 50 level, while the MACD remains in negative territory – although above its red signal line – suggesting downward pressure may be losing steam but is still intact.
In short, clawed back toward a key level from post-Fed lows near 89,000, with the market stabilizing but clahead not yet out of the woods. For now, the key hurdle is a decisive breakout above the descending trendline looming just above the price action for signs of upside to emerge.
