Bitcoin ’s price movement is currently characterized by consolidation beneath the significant $100,000 resistance level. Bulls are anticipated to make an effort to surpass this threshold, which could propel the cryptocurrency to greater heights.
Recently, Bitcoin displayed a strong push upward, crossing above the $96,500 level. After reaching a new high of $99,650, the price faced a subsequent pullback, settling below the $98,000 level and the 100-hourly Simple Moving Average. There is a bearish trend line forming with resistance at $98,000 on the hourly chart of the BTC/USD pair, making this an important level for traders to monitor. A sustained upward movement is plausible if Bitcoin can break through the $98,000 barrier.
For now, Bitcoin remains supported above $92,500, having established a solid base for further upward momentum. Following the recent highs, a movement beneath the $98,000 level revealed a low of $95,973; however, the price has begun to recover. It has recently managed to move above the $96,800 resistance, clearing the 50% Fibonacci retracement level from the swing high of $99,650 to the low of $95,973.
Key resistance levels of $98,000 and $99,000 are critical to watch. If Bitcoin can gather enough momentum to breach these levels, it could pave the way for a potential rally towards $100,000. A breakthrough above this threshold might unlock further gains, possibly driving the price toward $102,500 or even $105,000.
Conversely, if Bitcoin does not manage to climb above the $98,000 resistance, it risks initiating a downward correction. Immediate support is expected around $96,800, with significant support levels at $95,750 and $95,000. In the event of continued losses, a decline toward the $92,000 area could be on the horizon.
Technical indicators suggest that Bitcoin is currently in a favorable position, with positive momentum indicated by the MACD and an RSI above the neutral 50 level, hinting at potential further gains if the upward pressure continues.
