Bitcoin ($BTC ) is showing resilience as it bounces off the mid-level of its ascending channel, currently trading around $95,299. Despite a recent 3.37% dip, technical indicators suggest bullish momentum remains intact, with the potential to reach the upper resistance at $110,000.
Key Levels to Watch
$92,500–$95,000 (Green Area): This horizontal support zone aligns with the channel's lower boundary. It has been tested multiple times and is holding strong, underscoring its importance in sustaining Bitcoin's uptrend. A breakdown here could expose BTC to levels around $85,000 or lower.
$100,000 (Psychological Resistance): This crucial threshold must be cleared for Bitcoin to continue its upward trajectory.
$110,000 (Upper Channel Resistance): This serves as the next significant target for the bulls.
Moving Averages Indicate Strength
The 21-MA is acting as immediate support, while the upward-trending 50-MA highlights growing bullish momentum. Bitcoin's ability to stay above these averages reinforces optimism for a sustained rally.
Market Outlook
Bitcoin’s recovery above key support levels and moving averages is a positive sign for traders and investors. However, breaking through $100,000 will be pivotal to achieving the $110,000 target.
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Always conduct thorough research and consult a financial advisor before making investment decisions.
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