Bitcoin's price fluctuates near key technical levels, including the 200-day, 111-day, and other moving averages.
Technical Levels: From 200DMA to 111DMA
In the past two days, Bitcoin has reaffirmed the significance of the 200-day moving average (200DMA) at $85,000 as a crucial market level. Currently, Bitcoin's price stands between the 200DMA and the 111-day moving average (111DMA) at $95,200, indicating that uncertainty remains until Bitcoin decisively breaks above the $93,000 level. Other notable technical benchmarks include the 365-day moving average (365DMA) at $75,500 and the 200-week moving average (200WMA) at $45,100.
Short-Term Outlook Analysis
Traders are closely observing the 111DMA as the next major resistance. Surpassing this level could lead to a sustained move toward a six-figure territory. Failure to break through might result in further consolidation or a potential retest of lower support levels.
Potential Scenarios for Bitcoin
From an on-chain perspective, the Short-Term Holder (STH) realized price at $93,500 is critical for bullish momentum. The current STH Market Value to Realized Value (MVRV) ratio is -0.06, suggesting unrealized losses of about 6%. Breaking and holding above $93,500 could spark a bullish breakout, while staying below increases the potential for further consolidation or drop to support levels near $85,000 and $75,500.
Key technical levels dictate Bitcoin's short-term prospects. A $93,500 breakout could confirm bullish scenarios, while staying below suggests more fluctuations.
