Bitcoin Price Attempts to Gain Positive Momentum

Bitcoin aims to build momentum above $106,000 resistance, supported by positive trends; crude oil stabilises as it seeks to rally with a bullish trend, while gold fluctuates under negative pressure despite early gains; EUR/USD sees an upswing thanks to Fibonacci support but faces bearish conditions.

Bitcoin’s recent price action has stabilised as it holds gains from yesterday’s trading, after hitting a target at $106,000. Currently, it’s trying to gain positive momentum sufficient to push through resistance levels, although there are signs of an overbought condition according to the Relative Strength Index (RSI), which has started to show early negative indicators.

This price movement reflects a prevailing bullish trend in the short term, with Bitcoin consistently trading above its EMA50. Moreover, it is aligned with a bullish bias line that further suggests there could be more upward movement if the current resistance can be successfully breached.

On a different front, crude oil has managed to settle steadily following a reduction in losses. The commodity is leaning on a bullish correctional trend line and finding support from its EMA50, paving the way for a potential rebound. Positive signals from the RSI suggest that the overbought momentum is returning and could enable a new bullish wave if it maintains above crucial technical support levels.

In the precious metals market, gold prices experienced some mixed trading this week, initially rising but then succumbing to negative pressure. Although supported by positive signs from the RSI after it began offloading its overbought conditions, gold still traded below the EMA50, which has influenced a downward rebound from earlier gains.

Meanwhile, the EUR/USD currency pair had a recent leap upward in its intraday trading, as support held firm at 1.1150 which represents a 50% Fibonacci retracement of its last bullish wave from 1.0730 to 1.1572. This stability has provided the necessary momentum for gains. However, the pair is navigating a bearish correctional channel while being subjected to negative pressure from trading below its EMA50 and encountering negative signals on the RSI.

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