Bitcoin ’s price has shown resilience, maintaining support above the $94,200 level as it attempts to establish a stable base. Despite recent volatility, there appears to be potential for a new upward trend, particularly if it can break through the $98,000 resistance level.
Currently, Bitcoin is trading below the crucial $98,000 support level, facing challenges as it dipped below $96,500 and briefly fell under $95,000. The lowest point noted was around $94,314, but since then, Bitcoin has started to stabilize, managing to recover to approximately $96,650. This recovery aligns with the 61.8% Fibonacci retracement level from its previous swing high of $98,267 to the low of $94,314.
Despite this upward movement, Bitcoin continues to trade beneath the $98,000 level and the 100-hour Simple Moving Average. Resistance is anticipated around $97,500, near the 76.4% Fibonacci retracement level mentioned earlier. The key resistance levels remain pegged at $98,000, with a bearish trend line indicating resistance at $97,800 on the hourly chart.
Should Bitcoin manage to surpass the $98,000 resistance, it could pave the way for further price increases, potentially reaching as high as $98,800. A strong close above this mark might lead to testing new highs around $100,000, creating further upward momentum that could continue toward the $102,000 area.
Conversely, if Bitcoin cannot overcome the $98,000 resistance, it risks initiating another downward correction. Critical support levels are identified at $96,500 and $95,000, with the next line of defense positioned around $94,250. Should the price decline further, it may test the $92,000 level in the near term.
