- Bitcoin bulls have defended the short-term mid-range support.
- There has been increased spot selling over the past couple of days, but it might not be enough to pull prices lower.
Bitcoin [BTC] has formed a range beneath $100k and struggled to break the key psychological level. This range extended from $92.1k to $99.5k.
The Bitcoin mid-range support has been defended despite repeated tests over the past three days, and a rebound appeared likely.
Bitcoin bulls push prices above $95.8k support
Source: BTC/USDT on TradingView
Bitcoin defended the mid-range support at $95.8k over the past three days. It has not closed a 12-hour session below the mid-range level. Moreover, the A/D indicator has been trending higher this week.
This was a strong sign that buyers were eager to add Bitcoin to their holdings near the mid-range support. It is possible that volatility could take BTC to the short-term lows at $94.5k. This could come about due to a liquidity hunt.
The MACD was bearish on the 12-hour timeframe. Even though it was above zero, it signaled waning bullish momentum. The trading volume has slowly trended downward during BTC’s consolidation within this three-week range.
