Bitcoin Holds Near $83,780 as MACD Signals a Market Decision Point

Bitcoin (BTC) was reported at $83,780.22 on Oct. 13, down 0.49% over 24 hours, as a zero MACD histogram pointed to a market decision point without confirming the direction of the next move.

The 24-hour trading range was $81,033.66 to $84,344. The moving average convergence/divergence histogram stood at 0.0000, with the MACD and signal lines converging at 690.5747.

The 14-period relative strength index was 53.93. The Stochastic oscillator showed %K at 49.61 and %D at 39.69.

Bitcoin remained above its seven-day simple moving average at $82,871.93, 50-day SMA at $81,142.48 and 200-day SMA at $72,169.70. It was below the 20-day SMA at $84,015.23.

Resistance levels stood at $85,071.59 and $86,362.97, while support was identified at $81,761.25 and $79,742.29.

Derivatives data showed an eight-hour Binance Futures funding rate of 0.0067%. Open interest rose 1.19% over 24 hours to 93,562.85 contracts, representing about $7.73 billion.

The one-hour taker buy/sell ratio was 1.2139 through 3 a.m. ET (07:00 UTC) on Oct. 13. Buy contracts totaled 4,034, compared with 3,323 sell contracts.

Forecasts covering the near term set an October base case at $85,500, with an extended bullish target of $87,300 and dynamic support at $80,016. Those levels sit above and below the current price, respectively, and reflect the different scenarios attached to the market outlook.