Bitcoin price has started a recovery wave above the $95,000 level, with the potential to continue rising if it clears the $100,000 resistance zone. The price is currently trading above $95,000 and the 100-hourly Simple Moving Average, indicating a positive trend. A key bearish trend line was broken with resistance at $95,000 on the hourly chart of the BTC/USD pair, suggesting a possible bullish movement in the near future.
Bitcoin’s price started a decent upward move above the $95,000 zone after remaining supported near $92,500. The cryptocurrency climbed above the $94,500 and $95,000 resistance levels, breaking the bearish trend line with resistance at $95,000. The price also cleared the $98,000 resistance level and traded close to $100,000. A high was formed at $99,400 before the price started consolidating gains. Although there was a slight decline below the 23.6% Fib retracement level, Bitcoin is now trading above $95,000 and the 100-hourly Simple Moving Average.
In the event of a close above the $100,000 resistance level, Bitcoin’s price could rise further and potentially test the $102,500 resistance level. Additional gains might send the price towards $104,000. However, if Bitcoin fails to rise above the $99,000 resistance zone, it could experience a decline. Immediate support on the downside is near the $97,000 level, with the first major support at $96,000 or the 50% Fib retracement level. Further support is located near the $93,200 zone, with potential for the price to fall towards $92,500 in the short term.
Technical indicators show encouraging signs for Bitcoin’s price movement, with the hourly MACD gaining pace in the bullish zone and the Hourly RSI for BTC/USD now above the 50-level. Major support levels include $97,000 and $96,000, while major resistance levels are at $99,000 and $100,000. Overall, Bitcoin’s price recovery and potential for further upside indicate a positive trend in the cryptocurrency market, with investors closely monitoring key resistance and support levels for future price action.
In conclusion, Bitcoin’s price has shown signs of recovery above the $95,000 level, with the possibility of continuing its upward movement if it clears the $100,000 resistance zone. The cryptocurrency has broken a key bearish trend line and is trading above the 100-hourly Simple Moving Average, indicating a positive trend. Technical indicators suggest a bullish outlook for Bitcoin, with potential resistance levels at $99,000 and $100,000, and support levels at $97,000 and $96,000. Traders and investors should monitor Bitcoin’s price movements closely for potential buying or selling opportunities in the volatile cryptocurrency market.
