Bitcoin ’s price is making a recovery, bouncing back above the $95,000 level. The cryptocurrency is gaining momentum and appears poised for further gains, particularly if it can overcome the significant resistance at $98,000.
Starting its upward trajectory from a low of $93,200, Bitcoin successfully surpassed resistance levels at $94,200 and $95,000. Recent trading activity saw the price clear hurdles near $96,500, briefly surging past $97,500 and peaking at $97,719. Currently, Bitcoin is consolidating its gains and trading above the 23.6% Fibonacci retracement level from its recent upward move, indicating a strong underlying trend.
A noteworthy bullish trend line is forming, providing support at approximately $95,000 on the hourly Bitcoin to USD charts. As of now, Bitcoin is also positioned above the 100 hourly Simple Moving Average, further strengthening its bullish outlook. For upward momentum, immediate resistance is located near the $97,500 level, with the critical resistance point at $98,000. Successfully breaching this level could propel Bitcoin significantly higher.
Further resistance points could appear at $98,800. If Bitcoin closes above this number, it might challenge the $99,500 level, potentially pushing toward the psychological $100,000 level.
However, if Bitcoin fails to surpass the resistance at $98,000, it may encounter a downturn. The immediate support is at $96,500, with critical levels following at $95,000 and $94,550. Should the price continue to decline, it might revisit support at $93,200 in the near term.
Technical indicators suggest a strengthening bullish trend, with the MACD gaining momentum in the bullish zone and the RSI remaining above the neutral 50 level. The situation remains dynamic as traders watch for either a breakout or a pullback in the coming sessions.
