Bitcoin ’s price has recently experienced a significant drop after reaching a record high of $104,015. Following this peak, the cryptocurrency fell below the $95,000 mark, but it is currently in the process of recovering some of its losses. Currently, Bitcoin is stabilizing above $97,500 and remains above its 100-hourly Simple Moving Average.
The decline began after Bitcoin hit its all-time high. It faced challenges as it attempted to recover, particularly around the $99,000 level. A key bullish trend line has formed, showing support at $96,000 on the hourly chart, indicating potential for further upward movement. If Bitcoin can achieve a close above the crucial $100,000 level, it may regain bullish momentum.
Recently, Bitcoin saw an increase past the resistance zone of $98,500 and successfully broke through barriers at $99,500 and $100,000. Following a sharp correction, the price dipped to a low of $91,800, but it is now on a recovery path. A notable recovery was marked as Bitcoin moved above the 50% Fibonacci retracement level from the decline that started at $104,015 and reached lows of $91,800.
Resistance appears to be concentrated around the $99,360 level, coinciding with the 61.8% Fibonacci retracement. A move above $100,000 could potentially propel Bitcoin towards the $102,000 level, and if that resistance is breached, there may be an opportunity for the price to challenge the $104,000 level, possibly extending toward $108,000.
Conversely, if Bitcoin struggles to exceed the $100,000 resistance, it could face another downward correction. Immediate support is anticipated at around $97,000, with major support levels following at $96,000 and $95,000. Further losses could see Bitcoin testing the $92,000 support level in the near future.
Technical indicators are currently showing a positive outlook with the MACD gaining traction in the bullish zone and the Relative Strength Index positioned above the neutral 50 mark. The significant support levels stand at $97,000 and $96,000, while the key resistance levels are identified at $100,000 and $102,000.
