Summary
• Price surged to $90,472.40 before retreating on elevated volume.
• RSI indicates overbought conditions as price nears 90,453.77.
• Bollinger Bands show a volatility expansion amid aggressive buying.
• Volume spikes coincide with sharp rallies, confirming momentum.
• Fibonacci levels suggest potential pullback to 89,800–90,200 range.
Bitcoin/Tether (BTCUSDT) opened at $90,063.37 on 12/13 at 12:00 ET and closed at $89,360.01 on 12/14 at 12:00 ET, reaching a high of $90,472.40 and a low of $88,687.27. Total volume over 24 hours was 3,548.39 BTC, with a notional turnover of $320.56 million.
Structure & Formations
Price formed a strong bullish engulfing pattern during the late night surge from $90,130 to $90,472.40, indicating aggressive buying pressure. A key resistance level appears to form near $90,450, where price stalled after multiple attempts.
A potential support level is now forming around $89,500–89,700 based on Fibonacci retracements and recent consolidation.
Moving Averages
On the 5-minute chart, price briefly closed above both the 20-EMA and 50-EMA during the rally, suggesting a short-term bullish bias. However, on the daily chart, the 50-, 100-, and 200-day SMAs remain bearish, with price significantly below the 200-day line, indicating a longer-term downward trend.
MACD & RSI
The MACD showed a bullish crossover in the early hours of the morning, aligning with the price surge. However, the RSI is currently near 80, signaling overbought conditions, which could lead to a pullback. A bearish MACD divergence appears to form after the peak, hinting at weakening momentum.
Bollinger Bands
Volatility expanded significantly during the $90,472.40 high, with price touching the upper band. The band width widened from 0.6% to 3.2% during the rally, suggesting a period of heightened uncertainty. Price has since fallen back toward the mid-band, indicating potential for a consolidation phase.
Volume & Turnover
Volume spiked to 303.04 BTC in the early afternoon as price broke the $90,400 level, confirming the rally. Notional turnover also spiked at that time, reaching $27.2 million, indicating strong conviction. However, volume dipped after the peak, suggesting weakening follow-through buying.
Looking ahead,
may face short-term resistance around $90,450, with potential for a pullback toward the $89,500–89,700 range if buyers fail to hold that level. Investors should remain cautious about overbought conditions and the risk of a retracement in the next 24 hours.
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