Bitcoin ’s price is currently on an upward trajectory, surpassing the critical $95,000 level. The cryptocurrency is exhibiting encouraging trends, suggesting a potential increase beyond the $98,000 level.
Following a robust performance, Bitcoin has successfully navigated above the $95,500 threshold and remains well-positioned above the 100-hourly Simple Moving Average. The price surge coincided with a breakout from a short-term contracting triangle, where the initial resistance was identified at $95,500. If Bitcoin can overcome the $97,000 resistance zone, it may gain further bullish momentum.
Bitcoin ’s stability above the $93,500 region has laid a solid foundation for continued growth. After forming a base, the price has rallied, decisively crossing the $94,500 resistance level. This bullish activity has propelled Bitcoin above the 61.8% Fibonacci retracement level, following its decline from a swing high of $98,880 to a low of $90,735. Currently, the price rests above the $95,500 level and the 100-hourly Simple Moving Average, while encountering potential resistance near the $97,000 level, which aligns with the 76.4% Fibonacci retracement level from the previously mentioned downward wave.
Key resistance levels to watch include $98,500, with a breakthrough here likely to drive prices higher. Should Bitcoin close above $98,800, it would open the door for further gains, potentially testing the significant $100,000 resistance next, and possibly extending toward the $102,000 level.
Conversely, if Bitcoin struggles to surpass the $97,000 resistance, it may initiate a downside correction. Immediate support is identified at $95,500, with further levels of support at $94,500 and $93,200. In the event of continued declines, the price could approach the $91,500 support level.
