Bitcoin has recently embarked on a notable upward trajectory, finding support above the $96,000 level. As it stands, Bitcoin has exceeded the $96,500 level and is trading above the 100-hourly Simple Moving Average, suggesting a potential continuation of this bullish momentum.
The cryptocurrency has successfully navigated through key resistance levels, breaking above $95,000 and progressing past both $96,500 and $97,000. This rise has allowed it to approach the significant $100,000 resistance barrier, where a recent peak was recorded at approximately $99,400. Presently, Bitcoin is stabilizing around these gains, recently testing a critical Fibonacci retracement level derived from the recent upward movement.
As Bitcoin consolidates above $96,500, immediate resistance is identified near the $99,200 level, with a crucial point at $99,500. A decisive breakthrough above this latter level could indicate further upward movement toward the coveted $100,000 level. Should Bitcoin close above this level, it may open the door to testing higher resistance levels, potentially reaching $102,200 and even $103,500.
Conversely, should Bitcoin struggle to eclipse the $100,000 resistance, it may experience a downside trend. Immediate support is anticipated around the $98,200 area, alongside a trendline. A more significant support level lies near $96,000, which corresponds to the 50% Fibonacci retracement level from the recent upward wave. Further declines could drive the price toward the $95,000 level, with the $93,200 level as an additional support target.
Overall, current technical indicators reflect a bullish sentiment, with the hourly MACD gaining momentum within the positive range and the Relative Strength Index indicating a position above 50. Key support levels to watch include $97,000 and $96,000, while resistance levels are established at $99,000 and $100,000.
