BTC At $97K: Uptrend Intact but RSI Overbought Warns of Short-Term Pullback
Bitcoin trades around $97,100, maintaining a clear daily uptrend supported by EMA20 and rising volume. Key short-term supports are $97,486, $95,505 and $90,982; breach of these could accelerate downside. No major static resistances were detected, though the Supertrend flags a dynamic resistance near $104,025 and the $100,000 psychological level may cap gains. Momentum indicators are bullish overall—MACD positive and EMA structure showing a golden cross—but RSI at ~71 signals overbought conditions and raises the probability of a short-term correction. VWAP and institutional flows support the move. Risk/reward from current levels is roughly symmetrical: upside target near $115,000 (+~18%) and downside risk to $80,000 (−~18%). Traders should watch multi-timeframe support confluence, monitor volume for genuine tests, and manage risk tightly—breaks below the key supports (97,486 and 95,505) would shift bias bearish; a clear break above $100,000/$104,000 would resume bullish extension.
Neutral
The overall structure favors bulls: price sits above EMA20, MACD and EMA cross signal bullish momentum, and volume has increased—supporting continuation. However, RSI in overbought territory (~71) and a Supertrend dynamic resistance near $104k introduce meaningful short-term correction risk. No strong high-score resistances were identified, leaving upside open, but key supports at 97,486 and 95,505 are close to current price; breaches would flip bias. The roughly symmetric risk/reward (target ~115k vs risk to ~80k) and mixed short-term signals justify a neutral classification. Historically, similar setups (strong trend + high RSI) have produced brief pullbacks before resumption (examples: 2021 and 2024 BTC rallies). For traders: expect possible short-term retracements to support confluences, use volume to validate moves, and size positions with tight stops; a decisive break above $100k/$104k would be bullish, while breaks below the stated supports would shift the market toward bearish momentum.