#btc #btcnextmove #BTCPriceForecast $BTC
Bitcoin Price Shows Strength: Is a Surge Imminent?
Bitcoin’s price is rebounding strongly above the $95,000 mark, showing potential for further growth. BTC is gaining momentum and could see a significant rally if it surpasses the critical $98,000 resistance level.
Key Highlights:
Bitcoin has initiated a recovery, moving above the $95,500 level.
The price is currently trading above $96,500, supported by the 100-hourly Simple Moving Average (SMA).
A bullish trend line with support near $95,000 is forming on the hourly BTC/USD chart (data via Kraken).
Maintaining support above $95,000 could pave the way for another upward move.
Recovery Momentum Builds
Bitcoin’s price began to rebound after holding firm above the $93,200 resistance. The recovery gained traction, pushing BTC past the $94,200 and $95,000 resistance zones.
The upward move cleared significant barriers near $96,500, with BTC even briefly spiking above $97,500. A peak was established at $97,719, and the price is now consolidating its gains, holding steady above the 23.6% Fibonacci retracement level of the recent rally from the $92,588 low to the $97,719 high.
The bullish trend line on the hourly chart, offering support near $95,000, aligns with the 50% Fibonacci retracement level of the same upward movement. Bitcoin remains above $95,500 and the 100-hourly SMA, signaling continued bullish sentiment.
Resistance Levels to Watch
Immediate resistance is at $97,500, with a critical hurdle at the $98,000 level. Breaking through the $98,000 resistance could trigger a more substantial surge, potentially driving the price higher in the coming sessions.