Bitcoin (BTC) continues to show subtle bullish undertones despite a marginal 0.97% decline today, bringing its price to $84,694.73

The daily chart presents a compelling setup, with price action nudging above the midline of the Bollinger Bands—a classic sign of growing upward momentum.

Bitcoin (BTC) price showed subtle bullish undertones despite a marginal 0.97% decline today, bringing its value to $84,694.73. As the Bollinger Bands began to expand after a period of tightening, there were early signs of volatility resurfacing. The upper band is now at $88,723.44, acting as immediate resistance, while the lower band provides support at $77,392.08.

Bitcoin's flirtation with the upper region of this envelope is a bullish signal, especially if the price manages to close convincingly above the upper band. Such a move could ultimately validate a rally towards the critical $90,000–$95,000 range. But if sellers manage to claim dominance once again, a fallback to the $80,000–$83,000 consolidation zone seems more likely.

After a prolonged period of consolidation, seeing price action now nudging above the midline of the Bollinger Bands is a classic sign of growing upward momentum. This move also suggests a shift in sentiment as bulls attempt to reclaim dominance.

Furthermore, the MACD (12, 26, close) is showing a narrowing gap between the MACD line (-803.81) and the signal line (-1,273.06), hinting at an impending bullish crossover. The histogram has also flipped green with a current value of 469.25, reflecting increasing bullish momentum. This technical setup usually precedes short-term price surges.

While this momentum is still early, it does show a favorable shift in sentiment that could translate into a stronger move if supported by volume. However, despite these bullish indicators, caution remains warranted.

Bitcoin is still trading below its 20-day SMA, meaning that a trend reversal is not yet confirmed. The upper Bollinger Band at $88,700 poses a formidable barrier. Traders should look for confirmation of a breakout with a strong daily close above $88,700 and evidence of increasing trading volume. A failure to sustain current levels may result in another phase of sideways movement or a minor retracement.

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