$BTC #BinanceTrading #Binance #BinanceExchange #Crypto #Bitcoin Bitcoin's Ascent to $100,000 Faces Another Setback—What Lies Ahead?
Bitcoin's price recently attempted to surpass the $100,000 threshold but encountered resistance, leading to a retreat. Currently, BTC is consolidating around the $96,000 mark.
Key Highlights:
Initiated a downward movement from the $99,500 region.
Trading below $97,500 and the 100-hourly Simple Moving Average.
An observable bearish trend line presents resistance near $96,400 on the BTC/USD hourly chart.
Potential for renewed growth if it maintains above the $95,000 support zone.
Bitcoin's Price Movement Analysis
After establishing support above $95,500, Bitcoin embarked on a recovery, breaking through resistance levels at $97,000 and $98,500. It even surpassed $99,000; however, sellers defended the $100,000 ceiling. A peak formed at $99,481, followed by a decline below $98,000 and $96,000, reaching a low of $94,888. The price is now attempting a rebound, moving past $95,500 and the 23.6% Fibonacci retracement level from the $99,481 peak to the $94,881 trough.
Currently, Bitcoin trades below $97,200 and the 100-hourly SMA. Immediate resistance is near $96,500, aligned with a bearish trend line on the hourly chart. The primary resistance stands at $97,200, close to the 50% Fibonacci retracement level of the recent decline. A decisive move above $97,750 could propel the price towards $98,800, with further gains potentially targeting the $99,500 to $100,000 range.
Potential for Another Downturn?
Failure to overcome the $97,200 resistance may trigger another decline. Immediate support lies at $95,500, with a significant level at $95,000. Breaching this could see Bitcoin testing the $94,200 support, and further losses might drive it down to $93,500 or even $92,400.
Technical Indicators:
Hourly MACD: Gaining momentum in the bullish territory.
Hourly RSI: Positioned above the 50 mark.
Major Support Levels: $95,500 and $95,000.
Major Resistance Levels: $96,500 and $97,200