Bitcoin price resistance: Once more, Bitcoin has made notable progress, and its price is presently trading over the $95,000 zone. Supported strongly above $94,500, BTC has acquired momentum and may shortly aim for a breakout above the crucial $97,500 resistance level.
Bitcoin’s Current Support and Upward Movement
With regular price trading above $95,000, Bitcoin is still well-supported above the $94,500 level. The 100-hour Simple Moving Average (SMA) strengthens this increasing tendency even more. On the hourly chart of the BTC/USD pair, a positive trend line is also developing and providing more support close to $96,350 (data feed from Kraken).
If Bitcoin passes the $97,500 barrier, it is currently getting ready for yet another possible surge. Should the bulls be successful in surpassing this level, Bitcoin might rapidly climb toward the $98,800 resistance and maybe even reach the sought-after $100,000 mark.
Bitcoin Price Regains Momentum After Recent Dip
Bitcoin started rising again after building a strong basis above $93,500. It broke beyond the $95,500 barrier and sped past the $96,500 point to achieve a high of $97,405 after a slight dip below the $97,000 level. The price is presently consolidating its increases. From the $92,970 swing low to the $97,405 high, this fall let Bitcoin try the 23.6% Fibonacci retracing level of the recent price gain. With a 100-hour SMA and a little retreat, Bitcoin maintains firm over $95,000.
Key Levels to Watch for Bitcoin’s Next Move
On the plus side, instantaneous resistance is close to $97,200; primary resistance is $97,500. A break above $97,500 could result in more gains, therefore guiding Bitcoin toward the $98,800 resistance mark. Should Bitcoin over this threshold, it might rapidly approach the $100,000 mark. Should the upward momentum carry on, Bitcoin may witness a notable increase. We might, however, see a retracement should it fall short of breaking the $97,500 barrier.
Potential Downside Risks for Bitcoin
Should Bitcoin Price Surges fail to reach the $97,500 barrier, the price may undergo a decline. Close to the $96,500 level is immediate support; then, the trend line follows. A decline below $96,500 might push the price within the $96,000 zone.
With the next notable support approaching $94,500, further dips might drive Bitcoin into the 50% Fibonacci retracing level of the upward movement from $92,970 to $97,405. Under the worst-case scenario, Bitcoin might briefly revert to its primary support level at $94,200.
Technical Indicators: A Bullish Outlook
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MACD: The Hourly MACD is showing signs of gaining bullish momentum, signaling a potential continuation of the uptrend.
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RSI: The Hourly RSI for BTC/USD is above the 50 level, further indicating a positive bias for Bitcoin.
Final Thoughts
The price of Bitcoin is at a pivotal point. The next few hours could determine whether Bitcoin will surpass the $97,500 barrier and continue on its ascent toward $100,000. Conversely, failing to exceed this level can cause a temporary retreat.
Watch these essential levels: $96,500 and $97,500 for immediate resistance; support areas around $94,500 and $94,200. Now would be the ideal moment to plan your next action if you want to benefit from the volatility of Bitcoin.
