Bitcoin has initiated a recovery, managing to break through the $95,000 level. The cryptocurrency is now trading above this level, signaling a potentially positive trend, particularly if it can overcome the critical resistance at $100,000.
Following a support base formed near $92,500, Bitcoin ’s price surged past both the $94,500 and $95,000 resistance levels. This upward movement included a notable break above a bearish trend line, solidifying its position above the 100 hourly Simple Moving Average. Following the breach, Bitcoin approached $100,000, with a peak at approximately $99,400 before currently consolidating its gains.
Key resistance levels now loom ahead, with immediate resistance identified around $99,000. A breakthrough above the critical $99,500 level could pave the way for further upward momentum. Should Bitcoin successfully close above $100,000, it could see additional gains that may push the price toward the $102,500 level, and even reach as high as $104,000.
Conversely, if Bitcoin fails to surpass the $99,000 resistance, a decline may ensue. The immediate support level on the downside is found near $97,000, while the 50% Fibonacci retracement level indicates significant support around $96,000. A further drop could lead to a retest of the $93,200 support, potentially falling to $92,500.
In terms of technical analysis, indicators show a strengthening bullish momentum. The hourly MACD is reflecting growing bullish activity, and the Relative Strength Index (RSI) for the BTC/USD pair has moved beyond the neutral level, currently residing above 50. Key support levels have been identified at $97,000 and $96,000, while resistance remains at $99,000 and $100,000, marking critical levels for the cryptocurrency’s future direction.
