Bitcoin has seen a recovery from recent losses, climbing back above the $95,000 level. However, it faces significant resistance as it hovers around the $101,250 level.
Following its dip towards the $90,000 range, Bitcoin initiated a rebound, pushing past key resistance points at $95,500 and $96,500. Despite these gains, the cryptocurrency remains trading below the $100,000 level and the 100-hour Simple Moving Average. A notable bullish trend line is forming with critical support situated at $99,000 on the hourly chart for the BTC/USD pair. To regain momentum, Bitcoin needs to successfully breach the $101,250 resistance.
Currently, Bitcoin is struggling to establish stability above the 76.4% Fibonacci retracement level from the downward wave between its recent high of $104,015 and its low of $91,800. The momentum appears to be waning, especially as bears engage above the $101,000 level, effectively limiting Bitcoin ’s ability to close above the $102,000 level.
Looking ahead, if Bitcoin can break through the $101,250 resistance decisively, this may lead to further gains, with the next resistance point identified at $102,000. A successful test at this level could see prices climbing towards $104,200 and potentially up to $108,000.
Conversely, if Bitcoin fails to surpass the $101,250 resistance, it may enter another corrective phase. Immediate support is outlined near the $99,000 level, followed by a major support level at $97,800, with further backing around $96,000. If downward pressure continues, the price could eventually approach the $95,000 support area.
