According to CoinDesk analyst Omkar Godbole, Bitcoin's current price movement is flat, but technical indicators show potential bullish signals. The MACD histogram is nearing the green, and the US Dollar Index (DXY) has weakened to 98.36, suggesting that market sentiment may be shifting towards a more favorable direction for Bitcoin. The analysis indicates that if Bitcoin breaks through the current downtrend line, it may end its long-term decline, with a target resistance range of $97,000 to $108,000. However, if it breaks below the minor ascending channel, it may test the $80,000 support level. Furthermore, continued weak ETF inflows may limit upside potential.
Analysis suggests that Bitcoin's resistance level is between $97,000 and $108,000, with $80,000 acting as support.
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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