BTC/USD – Bulls may pause after repeated failures to break through the 200-day moving average resistance

BTC/USD edged higher on Friday, reaching a new three-week high as it attempted to build on Thursday’s 4.6% rally. Bitcoin was bolstered by the Fed’s rate cut and a dovish shift in global interest rate expectations.

The technical outlook remains bullish on the daily chart, with multiple moving average (MA) bull-crosses and steeply rising 14-day momentum. However, bulls are facing resistance from overbought conditions, as evidenced by repeated failures to break through the key 200-day moving average (200DMA) barrier at 63,869.

A second consecutive daily close below the 200DMA would suggest that bulls may pause for consolidation before resuming their upward movement. Any dips are expected to be shallow, as the overall outlook is bullish with strong positive sentiment.

Support at 61,157 (100DMA) should ideally contain any pullbacks, guarding lower pivots around the 60,000 zone (psychological level / 10- and 55-day MA bull-cross). A break below this level could temporarily sideline the bulls.

Res: 63869; 64138; 64500; 65050
Sup: 62607; 62103; 61928; 61156