Bitcoin has recently shown a recovery, regaining its footing above the $94,000 level. The cryptocurrency is now consolidating its gains and is looking to push higher, with potential resistance noted around the $97,000 level.
Following a dip, Bitcoin found support in the vicinity of $91,000. From there, it began a notable upward trend, successfully breaking through the $93,500 and later the $95,000 resistance levels. This upward movement indicates that the bulls are actively driving the price trends. Furthermore, Bitcoin has surpassed the 50% Fibonacci retracement level, signaling a possible continuation of the upward momentum.
Recent trends indicate that Bitcoin is trading above both $95,000 and the 100-hourly Simple Moving Average. A connecting bullish trend line has formed, establishing support at approximately $95,750 on the hourly chart of the BTC/USD pair. The critical resistance level that Bitcoin needs to overcome in order to maintain its bullish trajectory is around $97,000, which also aligns with the 76.4% Fibonacci retracement level.
If Bitcoin manages to break through the $98,000 resistance, it might open the door to further gains, potentially targeting the $99,200 level. Any sustained movement above this point could propel Bitcoin towards a significant psychological level of $100,000, with subsequent resistance possibly approaching $102,000.
Conversely, should Bitcoin struggle to breach the $97,000 level, a retracement could occur, leading to potential downside corrections. Immediate support is identified near $95,750, with further backing at the $95,000 support level. A more significant drop could see the price heading toward the $93,000 area or possibly revisiting the crucial $91,000 support range if bearish conditions prevail.
Technical indicators currently reflect bullish sentiment, with the hourly MACD indicating positive momentum and the RSI standing above the midpoint. The focus will remain on the established resistance and support levels as traders seek to gauge future movements in Bitcoin ’s price.
