Bitcoin is currently experiencing a recovery phase, rebounding from a low of approximately $89,200. As the cryptocurrency trades above $94,000, it remains above the crucial 100-hour simple moving average, indicating bullish momentum. A decisive break above a previously established bearish trend line with resistance observed at $92,000 has further bolstered its position, hinting at potential upward movement in the near future.
Recently, Bitcoin ’s price action has seen it climb past key levels, including $91,500 and $93,200, after a sharp drop below the $90,000 level. The upward trajectory has allowed Bitcoin to overcome the 50% Fibonacci retracement level of its previous decline, suggesting that the bullish trend could be gaining strength. However, selling pressure persists below the $95,500 level, presenting a challenge for sustained upward movement. Resistance is now concentrated around the $95,200 level, with the first significant barrier identified at $95,800.
If Bitcoin can convincingly break through this resistance at $95,800, further gains could be anticipated, with potential targets of $97,400 and beyond. Should it clear the $97,400 threshold, a continuation toward the $98,800 level appears possible, with further upside potential approaching $99,500 following that.
Conversely, if Bitcoin struggles to surpass the $95,800 resistance, a fresh downward trend could manifest. Immediate support levels are established around $94,000, followed by stronger support near $93,200. If there are additional losses, the price may retest the $90,000 support level, putting downward pressure on the current recovery.
Indicators are signaling a cautious optimism, as the hourly MACD shows increasing bullish momentum, and the Relative Strength Index (RSI) remains above 50, which could indicate further buyers’ interest in the market.