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- 🎉 Hey Gate Square friends! Non-stop perks and endless excitement—our hottest posting reward events are ongoing now! The more you post, the more you win. Don’t miss your exclusive goodies! 🚀
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The chart for today: Bitcoin rises
The price of Bitcoin has risen for two consecutive days after testing the support level at $111,886 on Saturday. It seems that the bulls are focusing on breaking the current barrier of $115,000 to pave the way for the second phase of recovery towards a resistance area close to $118,000.
The RSI (Relative Strength Index) supports trend reversal, approaching the midpoint after stabilizing at the 40 level. If the RSI extends its recovery path towards the overbought area, the lower resistance path will remain less bullish.
Despite the short-term bullish focus, investors should pay attention to the initial support levels. For example, the 50-day Exponential Moving Average (EMA) at $112,968, and the 100-day Exponential Moving Average at $107,996, are key areas to watch in case the bearish trend we saw last week resumes.