Bitcoin is currently seeing an upward movement as it aims for recovery, having established a foothold above the $93,200 level. The cryptocurrency is gaining traction and appears to be facing immediate resistance around the $97,500 level.
After a notable decline, Bitcoin managed to initiate a recovery wave, climbing past the $95,000 level. The price has gained momentum and is now trading above $95,500 while staying above the 100-hour Simple Moving Average. Analysis indicates a bullish trend line forming with a support level at $96,000 on the hourly chart of the BTC/USD pair. For continued upward movement, the asset needs to maintain stability above the critical support zone at $95,450.
Bitcoin saw a recovery phase that kicked off from the $92,000 zone, breaking through significant levels including $93,500 and $94,200. As buying pressure intensified, the price moved beyond the key resistance at $95,800, even reaching a high of $97,431. The current market condition shows the price is consolidating above the 23.6% Fibonacci retracement level of the upward movement from a low of $89,115 to this recent high.
Looking ahead, resistance around the $98,000 level is crucial; surpassing this point may trigger further gains, potentially leading to a test of the $100,000 level. If the price exceeds the $98,800 resistance, there could be additional upward movement towards $102,500.
Conversely, if Bitcoin struggles to break through the $98,800 resistance, it may experience a retraction. Immediate downside support lies at $96,000, while the first major support level is seen near $94,500. Should selling pressure increase, the price could retest the $93,200 zone or the 50% Fibonacci retracement level, resulting in potential downside towards the $92,000 area.
Technical indicators reflect positive momentum, with the MACD showing increasing bullish momentum, and the Relative Strength Index indicating strength above the neutral threshold.
