Bitcoin has begun to recover from its recent lows, starting its positive ascent from around the $91,400 region. Currently trading above $92,500, BTC seems to be gaining momentum and may continue its upward trajectory if it manages to overcome the critical resistance at $96,000.
Initially, Bitcoin ’s price surged past the $92,000 level and continued to gain ground, breaking through the resistance levels at $93,200 and $93,500. Notably, it has surpassed the 50% Fibonacci retracement of the recent decline, indicating a potential for continued growth. A bullish trend line is also forming, providing support at the $94,000 level, which adds to the positive outlook.
As it stands, Bitcoin is trading above the 100-hourly simple moving average, with immediate resistance identified around the $95,250 level — this is also close to the 76.4% Fibonacci retracement point of the recent dip. The foremost hurdle remains the $96,000 level, and successfully breaching this could facilitate an increase toward levels of $97,500 and beyond, with potential resistance at $98,800 if the upward movement persists.
Conversely, should Bitcoin struggle to clear the $96,000 resistance, it could face a downward shift. Key support levels are positioned at $94,000 and $93,500, with a further decline potentially leading to the $92,550 level. Losses extending beyond this could push the price closer to $91,200, indicating a need for close monitoring of market trends.
Current technical indicators reveal a strengthening momentum, as the hourly MACD shows bullish signs while the RSI indicates upward movement above the neutral level. Overall, Bitcoin ’s recovery will be contingent upon it maintaining positions above critical support levels while striving to overcome significant resistances ahead.
