Technical analysis by FOREXcom about Symbol BTC on 7 hour ago

Bitcoin (BTC/USD) is consolidating after a sharp pullback from its summer highs, with price currently trading near $113,472. The chart shows a well-defined range between support at $107,300 and resistance at $123,200, suggesting a potential breakout setup in the coming weeks. Key technical points: Support and Resistance: Price is holding above the 50-day SMA (114,742) but remains below the recent swing high, keeping BTC in a neutral-to-bullish zone. Stronger support rests at $100,000, where the 200-day SMA also aligns. Momentum Indicators: The RSI is stabilizing near 51, showing neither overbought nor oversold conditions, while the MACD histogram is flattening, hinting at reduced bearish momentum. Trend Outlook: Despite recent weakness, the longer-term uptrend remains intact as BTC trades above the rising 200-day SMA. A break above $123,200 would signal renewed bullish momentum and potentially open the way to fresh highs. Conversely, a close below $107,300 risks deeper retracement toward $100,000. Overall, Bitcoin is in a consolidation phase with buyers defending support. A decisive breakout from this range will likely set the tone for the next major move. -MW