Bitcoin’s price has been going through a significant drop after its failure to keep above the $100,000 region, but some signs of recovery are currently showing up.
Technical Analysis
By Edris Derakhshi
The Daily Chart
On the daily chart, Bitcoin recently found support around the $80,000 zone, aligning closely with the 200-day moving average. After a sharp correction from its $100,000+ peak, price action shows signs of recovery; it is currently trading near $85,000.
However, strong resistance lies around the $92,000 area, which previously acted as supply. The RSI is also climbing back towards neutral territory but hasn’t yet entered overbought levels, suggesting room for further upside if the bulls can maintain momentum. Daily closes above the 200 DMA, and the horizontal resistance near $92,000 can confirm a recovery and bullish continuation.
The 4-Hour Chart
The 4-hour chart reveals a clear rising wedge pattern, which BTC has been moving inside for a while now. With the rejection f

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