- Today's chart: Stability of Bitcoin price, approaching a breakout of the 90 thousand Dollar level:

Bitcoin is trading above $89,000 at the time of writing this report on Monday, supported by the upward relative strength index (RSI) at a level of 48 on the daily chart. The relative strength index itself appears to be poised for a breakout of the midpoint line at 50, which is likely to strengthen price momentum to support a breakout above $90,000.

The Moving Average Convergence Divergence indicator (MACD) shows a positive divergence, with the blue line above the red signal line on the same daily chart. If the green bars continue to expand above the average line, the path of least resistance may remain upward.

Closing the price above the 50-day exponential moving average at $93,608 will open the way for an extended breakout towards the 100-day exponential moving average at $99,239. The 200-day exponential moving average at $101,987 may limit price retracements above $100,000.

The daily chart for the BTC/USD pair

However, moving averages are generally trending downward, confirming bearish expectations. Therefore, a close below the $90,000 level could lead to another wave of selling, with support at the $83,822-$84,450 level within reach.