Bitcoin price has recently started a recovery wave, climbing above the $95,000 level. The leading cryptocurrency may see further upside potential if it manages to clear the key $100,000 resistance zone. The price is currently trading above $95,000 and the 100 hourly Simple Moving Average, signaling a positive trend.
In a recent development, there was a break above a significant bearish trend line with resistance at $95,000 on the hourly chart of the BTC/USD pair. This breakout suggests that Bitcoin could potentially start another increase if it maintains support above the $96,000 level. The price has already cleared the $98,000 resistance and approached the $100,000 resistance level, reaching a high of $99,400 before consolidating gains.
If Bitcoin manages to break above the $100,000 resistance level, it could pave the way for further gains towards the $102,500 and $104,000 levels. On the other hand, if the price fails to rise above the $99,000 resistance zone, it could lead to a downside movement. Immediate support levels to watch include $97,000, $96,000, and $93,200, with a potential drop towards $92,500 in the near term.
From a technical standpoint, the hourly MACD is showing bullish momentum, while the hourly RSI for BTC/USD is currently above the 50 level, indicating a positive sentiment in the market. Major support levels to monitor are $97,000 and $96,000, while major resistance levels are at $99,000 and $100,000.
Overall, Bitcoin’s price recovery signals a bullish trend with the potential for further upside if key resistance levels are breached. Traders and investors will be closely monitoring the price action around the $100,000 level to gauge the cryptocurrency’s next move. As always, it is essential to conduct proper risk management and stay informed about market developments when trading Bitcoin.
