Bitcoin (BTCUSD) experienced fluctuating intraday trading in continuous attempts to find an upward base that provides the necessary positive momentum for recovery. In these attempts, it relied on a strong support wall, namely its 50-period simple moving average, which contributed to the formation of positive candles indicating an imminent recovery. This scenario is further reinforced by the emergence of positive signals from the Relative Strength Index after it reached extremely oversold levels, along with the price trading along an ascending corrective trendline.
Our outlook remains positive for a rise in Bitcoin's price in the upcoming intraday sessions, provided that the support level at $82,000 holds, so as to target the main resistance level at $90,000.
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