The Bitcoin market is witnessing a fascinating recovery trend as the cryptocurrency climbs above the $95,000 threshold. This upward momentum brings hope for even higher gains, especially if Bitcoin successfully breaches the crucial $100,000 resistance zone.
Key Highlights of Bitcoin’s Upward Movement
- Bitcoin has initiated a notable upward trend, surpassing the $95,000 mark.
- The current trading price is above $95,000, well-supported by the 100 hourly Simple Moving Average.
- A significant breakout occurred above a bearish trend line, with resistance around $95,000, as observed on the BTC/USD hourly chart.
- The potential for further gains exists if Bitcoin maintains its position above the $96,000 support zone.
Commencement of Bitcoin Price Recovery
The Bitcoin price has sustained support near the $92,500 level, sparking a recovery wave. This resilience allowed BTC to break through the $94,500 and $95,000 resistance levels. The breakthrough of a key bearish trend line around $95,000 on the BTC/USD hourly chart marked the beginning of this positive trend. Subsequently, the cryptocurrency surpassed the $98,000 resistance level, nearing the significant $100,000 milestone. A peak was achieved at $99,400, after which the price began consolidating its gains.
There was a slight decline below the 23.6% Fibonacci retracement level, calculated from the $92,417 swing low to the $99,400 high. Despite this, Bitcoin continues to trade above the $95,000 mark and is supported by the 100 hourly Simple Moving Average.
Potential Upside for Bitcoin
On the upside, immediate resistance can be found around the $99,000 level. The first significant resistance is situated near the $99,500 level or the recent high. If Bitcoin manages to break through the $99,500 resistance, it could see a substantial rise in price. The next critical resistance level is anticipated at $100,000.
Should Bitcoin close above the $100,000 resistance, it could pave the way for further gains, potentially targeting the $102,500 resistance level. Continued momentum might even propel the price towards the $104,000 mark.
Possible Downturn for BTC
However, if Bitcoin struggles to surpass the $99,000 resistance zone, it could face a downward trajectory. Immediate support on the downside is located near the $97,000 level. The first major support level can be found near $96,000, corresponding with the 50% Fibonacci retracement level of the upward movement from the $92,417 swing low to the $99,400 high. Additional support may be encountered around the $93,200 zone, with further declines potentially pushing the price towards the $92,500 support level in the near term.
Technical Indicators
- Hourly MACD – The MACD is currently gaining momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level, indicating bullish momentum.
- Major Support Levels – $97,000, followed by $96,000.
- Major Resistance Levels – $99,000 and $100,000.
