Bitcoin (BTC/USD) hits three months near $99,800 during Thursday’s European session while shrugging off bearish technical signals to test key resistance.
Technical Chart: Bitcoin Bulls Ready to Roar
Source: Trading view
The overbought conditions of Relative Strength Index (RSI) 14 and sluggish Moving Average Convergence and Divergence (MACD) signals join bear cross of the 100-Simple Moving Average (SMA) to the 200-SMA while challenging the BTC/USD bulls. The same highlights the importance of a three-month-old horizontal resistance area surrounding $99,500-$100,200.
That said, a clear upside break of $100,200 will enable Bitcoin buyers to target tops marked in late January 2025 and December 2024, respectively near $106,450 and $108,365, before highlighting the all-time high of $109,365.
Meanwhile, BTC/USD pullback could initially aim for the early month high of $97,938 before challenging the 200-SMA level of $90,853. The Bitcoin bears, however, should remain cautious unless witnessing a daily closing beneath the 100-SMA support of $89,820.
BTCUSD: Four-hour chart
Source: Trading view
Unlike daily chart, the bearish technical signals fade on the four-hour projections as RSI breaks its lower-high trend while Bitcoin climbs. It’s worth noting that the lower-high of RSI and the higher-high on prices is considered a bearish RSI divergence and can challenge bulls in theory.
Even so, a clear upside break of a fortnight-old rising trend line resistance, close to $99,700 by the press time, becomes necessary for the Bitcoin buyers to keep the reins.
Following that, the previously mentioned hurdles surrounding $100,200 will gain the market’s attention.
Alternatively, the 100-SMA level of $94,726 puts a floor under the BTC/USD prices for short-term, a break of which could highlight the aforementioned 200-SMA and 100-SMA supports of the daily chart.
In short, Bitcoin (BTC/USD) buyers face a critical moment and need solid fundamentals to fuel further gains.
