Bitcoin Price Rebound: Can It Break the $98,000 Barrier?
Bitcoin has been on a rollercoaster ride lately, but it seems the cryptocurrency is finally gaining some momentum. After a brief dip, the price of Bitcoin has started to recover, surpassing the $95,000 mark. The question on everyone’s mind is: can it sustain this upward trend and break through the $98,000 resistance zone?
A Fresh Recovery Above $95,000
Bitcoin’s recent price action has been nothing short of impressive. The cryptocurrency started a fresh recovery above the $95,500 zone, with the price now trading above $96,500 and the 100 hourly Simple Moving Average (SMA). A bullish trend line has formed, with support at $95,000 on the hourly chart of the BTC/USD pair. This trend line is also near the 50% Fibonacci retracement level of the recent upward move from the $92,588 swing low to the $97,719 high.
Key Resistance Levels to Watch
On the upside, immediate resistance is near the $97,500 level, followed by the first key resistance at $98,000. A clear move above the $98,000 resistance might send the price higher, potentially testing the $98,800 resistance level. If Bitcoin can close above $98,800, it could lead to further gains, with the price potentially rising to the $99,500 resistance level. Any more gains might even send the price toward the $100,000 level.
What If Bitcoin Fails to Rise Above $98,000?
If Bitcoin fails to rise above the $98,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $96,500 level, followed by the first major support at $95,000. The next support is now near the $94,550 zone, and any more losses might send the price toward the $93,200 support in the near term.
Technical Indicators: A Bullish Outlook
The hourly MACD is gaining pace in the bullish zone, while the hourly RSI (Relative Strength Index) is now above the 50 level. These technical indicators suggest a bullish outlook for Bitcoin, but it’s essential to keep an eye on the price action and adjust your strategy accordingly.
Major Support and Resistance Levels
* Major Support Levels: $96,500, followed by $95,500 * Major Resistance Levels: $97,500 and $98,000
As Bitcoin continues to navigate the cryptocurrency market, one thing is clear: the next few days will be crucial in determining its short-term trajectory. Will Bitcoin break through the $98,000 barrier, or will it experience another drop? Share your thoughts in the comments below!
Source: Newsbtc.com
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