Bitcoin has recently shown strong performance, managing to hold above the support level of $95,500. Currently, the cryptocurrency has seen an increase of over 5%, trading past the critical resistance level of $100,000.
The rebound began when Bitcoin moved decisively above the $97,500 level, breaking through the barrier with a new upward trajectory. The price is currently positioned above $98,800, exceeding the 100-hour simple moving average. This bullish momentum comes after a significant breach of a bearish trend line around the $97,500 level. Despite the recent surge to a peak of $101,900, there is potential for some retracement before another attempt at overcoming the $102,000 resistance.
As Bitcoin continues to consolidate recent gains, it hovers around $100,000, with the potential to face resistance around $101,400. The $102,000 level serves as a critical point, as a decisive move beyond this could lead to further gains, with forecasts suggesting it may push towards the $104,000 level. If this upward momentum continues, there may even be a challenge for the $105,000 level, and exceeding this could yield advancements towards $108,000.
Conversely, should Bitcoin struggle to breach the $102,000 resistance, there could be a downturn. The immediate support level to watch for is around $100,000, which may act as a floor. If there are further declines, the next key support areas would be approximately $98,200 — marking the 50% retracement level from the recent price movement — and subsequently around $97,250. Prolonged losses could eventually bring Bitcoin down to the $95,000 support level in the near term.
Presently, technical indicators suggest a positive outlook as the moving average convergence divergence (MACD) gains momentum in bullish territory and the relative strength index remains above the neutral zone.
