🤩🤩🤩 $BTC Price Rebounds: What’s Next for #bitcoin ?
Bitcoin Price Recovery Gains Momentum at $97,876, Eyes $100K Resistance
- Bitcoin has initiated a recovery wave, currently trading at $97,876, with potential for further gains if it clears the $100,000 resistance zone.
Key Highlights:
1. Bitcoin is trading above the $97,000 level and the 100-hourly Simple Moving Average (SMA).
2. A key bearish trend line was broken near $95,000 on the BTC/USD hourly chart (data from Kraken).
3. The price could continue rising if it holds above the $96,000 support zone.
Bitcoin’s Price Action:
- Bitcoin found support near $92,500 before starting its recovery, breaking above the $94,500 and $95,000 resistance levels.
- The breakout above a bearish trend line near $95,000 pushed the price past $97,000, approaching the $100,000 barrier. BTC is now consolidating near $97,876, maintaining strength above the 100-hourly SMA.
Upside Targets:
- Immediate resistance is at $99,000, with a key hurdle at $99,500. A decisive move above this level could send BTC toward $100,000. A close above $100,000 might pave the way for further gains, with targets at $102,500 and potentially $104,000.
Downside Risks:
- Failure to surpass $99,000 could trigger a pullback. Initial support lies at $96,000, with stronger support near $95,000, corresponding to the 50% Fibonacci retracement level. A break below $95,000 could push the price toward $93,200 or even $92,500.
Technical Indicators:
- Hourly MACD: Gaining bullish momentum.
- Hourly RSI: Above 50, indicating positive sentiment.
Support Levels:
- Major Supports: $96,000 and $95,000.
Resistance Levels:
- Major Resistances: $99,000 and $100,000.
With Bitcoin currently at $97,876, a move above the $99,500 resistance could set the stage for testing the $100,000 level and beyond.
