Bitcoin Price Recovers Above $95,000 but Faces Resistance at $98,800
Bitcoin is attempting a recovery above $93,200, with resistance expected near $97,500.
- Bitcoin started a recovery wave above $95,000.
- Current trading above $95,500 and the 100-hour Simple Moving Average.
- Support forming at $96,000 from a bullish trend line.
- Potential for further increases if it remains above $95,450 support.
Price Movements
Bitcoin has climbed above $92,000, surpassing key levels of $93,500 and $94,200. A significant barrier was crossed at $95,800, reaching a high of $97,431. The price is consolidating gains and is well above the 23.6% Fibonacci retracement level from the swing low of $89,115 to the high.
Immediate resistance is around $97,450, with a key level at $98,000. A move above $98,000 may lead to further gains, targeting $98,800 and potentially $100,000 with enough momentum.
Potential Decline
If Bitcoin does not clear the $98,800 resistance, it may decline. Immediate support is at $96,000, followed by $94,500. Further declines could see the price test support at $93,200 or $92,000.
Technical indicators show:
- Hourly MACD gaining bullish momentum.
- RSI above 50.
Major Support Levels: $96,000, $94,500
Major Resistance Levels: $97,450, $98,800