Bitcoin has recently shown positive movement, recovering above the $96,000 level and demonstrating potential for further increases. The cryptocurrency started a new upward trend, breaking through significant resistance levels, including the $96,500 level and surpassing the 100-hour simple moving average. This upward momentum follows a clear break of a bearish trend line that previously capped movement around $96,400.
After establishing a solid base above the $94,500 area, Bitcoin ’s price surged past the $95,000 resistance, boosted by bullish trading activity. Following this surge, it exceeded the $96,000 resistance level and climbed above the 61.8% Fibonacci retracement level, tracing back from the recent swing high of $98,670 to a low of $95,754. Currently, Bitcoin is stabilizing above the $96,500 level, but it could encounter resistance near the $98,000 level, which corresponds with the 76.4% Fibonacci retracement of the previously mentioned downward movement.
The key resistance to monitor is at $98,800, as a definitive breakout above this point may propel Bitcoin ’s price further, potentially targeting the next resistance zone around $99,200. If Bitcoin can maintain a close above this latter level, additional upward momentum could drive it toward the psychological $100,000 level, with prospects for even higher prices nearing $102,000 in the subsequent trading sessions.
Conversely, if Bitcoin struggles to breach the $98,000 resistance, it may face a corrective downturn. Immediate support is identified at $97,200, followed closely by significant support around $96,500. Should further declines occur, the next notable support level lies near $95,000, with a risk of dropping to approximately $93,500 if bearish conditions persist. Technical indicators reflect a bullish sentiment, suggesting potential for continued upward movement if key resistance levels are successfully navigated.
