Current trends indicate a positive trajectory for Bitcoin as it recovers above the $96,000 mark. Showing promising signs, BTC is poised for a potential surge past the $98,800 threshold.
Key Highlights
- Bitcoin has initiated a renewed uptrend, surpassing the $96,000 zone.
- The cryptocurrency is currently trading above $96,500 and maintains its position above the 100 hourly Simple Moving Average (SMA).
- A breakthrough was observed above a short-term bearish trend line, with resistance at $96,400, on the hourly chart of the BTC/USD pair (data sourced from Kraken).
- The pair is likely to gain bullish momentum if it successfully navigates past the $98,000 resistance zone.
Bitcoin Price Targets an Upside Breakthrough
Bitcoin’s price has demonstrated stability, maintaining its ground above the $94,500 mark. Establishing a foundation, BTC embarked on a new upward trend, surpassing the $95,000 resistance zone. The bulls effectively propelled the price beyond the $96,000 resistance area.
The recent market movements saw a break above a short-term bearish trend line, with resistance pegged at $96,400 on the hourly chart of the BTC/USD pair. This ascent led the pair past the 61.8% Fibonacci retracement level, marking a recovery from the downward shift between the $98,670 swing high and the $95,754 low.
Currently, Bitcoin is trading above $96,500 and is comfortably positioned over the 100 hourly SMA. On its upward journey, the price might encounter resistance near the $98,000 level, aligning closely with the 76.4% Fibonacci retracement level from the earlier downward motion.
The pivotal resistance stands at approximately $98,800. A decisive move beyond this resistance may propel the price higher, with the next significant resistance potentially appearing around $99,200. Surpassing the $99,200 resistance could initiate further gains, possibly pushing the price to challenge the $100,000 resistance level. Should Bitcoin sustain this momentum, it might aim for the $102,000 level in upcoming trading sessions.
Potential Downside: Another BTC Correction?
In the event that Bitcoin struggles to breach the $98,000 resistance zone, a downward correction may ensue. Immediate support is anticipated near the $97,200 level on the downside.
The first substantial support is projected around the $96,500 area, followed by further support near the $95,000 zone. Should losses continue to mount, the price might descend towards the $93,500 support in the short-term outlook.
Technical Indicators
- Hourly MACD: The MACD indicator is currently gaining momentum within the bullish territory.
- Hourly RSI (Relative Strength Index): The RSI for the BTC/USD pair is now positioned above the 50 level, indicating bullish tendencies.
- Major Support Levels: Positioned at $96,500, with additional support found at $95,000.
- Major Resistance Levels: Noted at $98,000, with further resistance at $98,800.
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