Bitcoin Technical Analysis: Oscillators Point to Neutral Momentum

As of November 25, 2024, Bitcoin (BTC) price has traded between $97,076 and $97,547 in the last hour, showing a strong bullish trajectory across multiple timeframes. Technical indicators suggest a mixture of neutral momentum and buy signals, highlighting the potential for further growth while signaling dangers.

Bitcoin

Bitcoin’s hourly chart shows a recovery from a local low around $95,796, followed by sustained gains. However, the momentum appears to be weakening as the price approaches $98,966, a key resistance level. Trading volume, which spiked during the sharp moves, fell near the highs, hinting at either resistance or cautious sentiment. This timeframe suggests a possible entry around $97,000 if price pulls back on supporting volume, while an exit could be considered around $98,900 to capitalize on potential deviations.

BTC/USD hourly chart.

On the 4-hour chart, Bitcoin has rallied significantly from the Nov. 22 low of $91,400, but resistance looms near $99,800. Volume analysis shows heavy activity during the initial push higher, followed by a decline as the price rises. Traders eyeing this timeframe could look for an entry on a break above $99,000 with increasing volume, targeting an exit near the psychological $100,000 mark if signs of a reversal appear.

4-hour BTC/USD chart.

The daily chart paints a broader bullish picture, with Bitcoin rising from $65,000 to its current level. Despite this strength, momentum is cooling as the price approaches the critical psychological resistance of $100,000. Moderate but declining volume reinforces the need for caution at these levels. Breakouts above $100,000 or retests of the $95,000 support offer promising entry points for long-term investors. Taking profits around $100,000 may be reasonable unless there is further evidence of upside.

BTC/USD daily chart.

Key oscillators such as the Relative Strength Index (RSI), Stochastic and Commodity Channel Index (CCI) are showing neutral readings, indicating no overbought or oversold conditions. Meanwhile, the momentum oscillator provides a sell signal, balanced by the moving average convergence divergence (MACD) level, which signals a buy. Moving averages on all important time frames—exponential moving averages (EMAs) and simple moving averages (SMAs)—contribute to the bullish movement, reinforcing the long-term positive outlook.

Bullish verdict:

Bitcoin price action remains firmly bullish, supported by consistent buy signals from key moving averages and a strong uptrend on the daily chart. A potential breakout above the psychological $100,000 level could signal further upward momentum, creating a favorable environment for long-term, momentum-oriented traders. It is recommended to be cautiously optimistic by closely monitoring volumes and resistance levels.

Bearish verdict:

Despite the bullish trajectory, declining momentum indicators, neutral oscillator readings and declining volume near resistance zones signal potential vulnerabilities. If Bitcoin fails to cross the $100,000 mark or falls below the $95,000 support, bearish pressure could intensify, prompting traders to take a more cautious stance in the short to medium term.

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