Bitcoin rises to $97,000: Key resistance level for BTC price to overcome

Bitcoin traders are lining up important BTC price levels as the market begins to show signs of a new year's recovery.

$BTC continues to pressure the key resistance level as Wall Street opens on January 3 amid concerns over a new BTC price drop still lingering.

Bitcoin struggles to break the Christmas trend

Data from Cointelegraph Markets Pro and TradingView shows BTC/USD has surpassed the $97,000 mark as U.S. trading begins.

After a rapid increase at the start of the new year candle and retesting the $96,000 support level, Bitcoin is aiming to regain the 50-day simple moving average (SMA).

At $96,740 at the time of writing, the 50-day SMA had previously acted as a support level for over two months before BTC price dropped below this level at the end of December.

The SuperBro trading account wrote about the daily chart in its latest analysis section on X that: "The breakout of the descending wedge pattern is going well."

"Be careful not to buy into potential resistance too much, now we need to regain the 20 and 50 SMA and reverse them back to support levels."