Technical Analysis – BTC struggles to remain above key 200-day SMA support
- tests support near 108,000 for second consecutive week
- Momentum indicators suggest bearish pressure will persist
(BTCUSD) is trading in the green on Thursday, consolidating around the 200-day simple moving average (SMA) for a seventh straight session. Volatility has eased following the recent crypto crash, as investors await key US inflation data on Friday, while remaining cautious amid ongoing trade tensions and the US government shutdown, which has stalled the passage of key crypto legislation.
The momentum indicators reflect a bearish bias. The RSI is hovering below its neutral 50 threshold without clear direction, while the MACD remains in negative territory. A potential bearish crossover between the 20- and 50-day SMAs further supports the case for limited upside in the near term.
Should extend today’s rebound from 107,300, a level that has supported upward moves since July, initial resistance is viewn at 112,000. Stronger resistance lies near the converging 20- and 50-day SMAs at 114,191, a zone that has repeatedly rejected price action during the last two weeks. A clear break above this area could open the way toward mid-month highs near 115,700.
Conversely, a break below the 200-day SMA, which has been supportive since late April, could expose the monthly low at 102,300, set during the October 10 crash, followed by the psychologically significant 100,000 level last touched in June.
In short, is struggling to regain upside traction, oscillating near a critical technical threshold. Unless it can close decisively above the 112,000 region, the bias remains tilted to the downside, keeping investors on edge and increasing the likelihood of a bearish breakout.
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