Analysis: Bitcoin shows signs of seller exhaustion at the 200 day moving average support level, or may return to $95000

According to CoinDesk, the technical chart of Bitcoin shows signs of seller exhaustion at the support level of the 200 day simple moving average (SMA), suggesting that the price may rebound. Since last Wednesday, the decline in Bitcoin prices has stalled at the support level of the 200 day moving average, with the candlestick charts on Tuesday and Friday being particularly eye-catching, both showing a small entity extended lower shadow pattern, indicating that bears have not been able to stand firm below the 200 day moving average. Technical analysts point out that this candlestick chart pattern appears after a clear downward trend, usually indicating a potential bullish reversal. Traders generally view this as evidence of weakened selling pressure, which may translate into a new phase of upward movement. Based on this, Bitcoin may rebound to a high of around $95000 on Sunday, and if it breaks through that level, traders may once again target the $100000 mark. On the other hand, if it falls below the support level of the 200 day moving average, Bitcoin may face a deeper decline.