- Today's Chart: Bitcoin Stumbles Before Potential Breakthrough:

Bitcoin is trading at 74,589, with a short-term bullish bias as the price is slightly above the 50-day exponential moving average (EMA) around $71,289, in addition to a 38.2% Fibonacci retracement at $74,404 drawn between the high on January 14 at $97,924 and the low on February 6 at $60,000.

The king of cryptocurrencies has broken above a downtrend resistance line, which now acts as the primary demand level, while bullish momentum remains positive with the Relative Strength Index (RSI) oscillating in the sixties on the daily chart. Meanwhile, the Moving Average Convergence Divergence (MACD) remains positive on the same chart, indicating buyer dominance despite nearby support levels.

Daily chart of the BTC/USDT pair

On the upside, initial resistance is at the 100-day exponential moving average near $75,259, with a more significant barrier at the 50% Fibonacci retracement level at $78,873. Beyond this supply zone, the 200-day exponential moving average at $83,226 and the 61.8% Fibonacci retracement near $83,342 form a strong medium-term ceiling.

On the downside, immediate support is currently at the 38.2% Fibonacci level at $74,404, followed by the broken downtrend line near $72,602, then the 50-day exponential moving average around $71,289. A deeper pullback would expose the 23.6% Fibonacci retracement at $68,876 before testing the broader bullish structure near the cycle low at $60,000.
$BTC