Bitcoin price is showing strong signs of recovery, currently trading above $95,000. After breaking the $95,500 resistance, BTC aims for further gains, seeking to surpass the critical $98,000 level. The price is supported by the 100 hourly Simple Moving Average, indicating bullish momentum. If Bitcoin clears the $97,000 resistance, it may push towards $100,000 and even $102,000. However, if it fails to sustain this upward movement, a correction could be in play, with immediate support levels at $95,500 and $94,500. As the Market remains dynamic, traders should stay vigilant and monitor these key resistance and support levels for potential price movements.
Bitcoin Price Update: Aiming for $98,000
Bitcoin is making a notable recovery, currently trading above the $95,000 mark. This upward trend shows promise as BTC aims for a fresh increase beyond the $98,000 level.
Recently, Bitcoin experienced a significant boost, breaking through the $95,500 resistance. This movement comes after forming a stable base just above the $93,500 range. With the price now comfortably above $95,500 and trading higher than the 100-hour Simple Moving Average, it looks like bulls are gaining strength.
A key moment was the break above a contracting triangle at $95,500 on the hourly BTC/USD chart. Additionally, Bitcoin found support at the 61.8% Fibonacci retracement level after a downward movement from the swing high of $98,880 to a low of $90,735.
Looking ahead, Bitcoin may encounter its first resistance around the $97,000 level, closely aligning with the 76.4% Fibonacci retracement level. A successful push above this resistance could lead prices toward $98,500 and beyond, potentially testing the significant $100,000 level.
However, there are concerns if Bitcoin fails to surpass the $97,000 resistance. A drop could see support levels tested at $95,500, then $94,500, and possibly down to $93,200. Should losses continue, prices might slide closer to the $91,500 mark.
Technical indicators like the Hourly MACD are showing bullish momentum, while the RSI remains above the 50 level, suggesting that the Market sentiment is cautiously optimistic for Bitcoin’s performance in the near term.
In conclusion, Bitcoin’s price movement is trending upward, with a tested ability to regain ground. Investors should keep an eye on these critical resistance and support levels as the Market evolves.
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