NewsBTC

Jan 16, 2025

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Bitcoin Price Attempts Recovery Above $98K, Faces $100K Resistance

Bitcoin is currently attempting to recover above the $98,000 level and faces challenges at the $100,000 mark.

• Bitcoin started a recovery wave exceeding $98,000.
• Price is above $98,500 and the 100 hourly Simple Moving Average.
• A bullish trend line supports at $98,000 on the hourly chart of the BTC/USD pair.
• Possible increase if it remains above the $95,000 support zone.

Price Dynamics

Key movements include:

• Recovery begun above $95,000, surpassing levels of $96,500 and $97,200.
• Price peaked at $100,731, consolidating above the 23.6% Fib retracement level from $89,114 to $100,731.
• Immediate resistance near $100,000; next key resistance at $100,500, potentially leading to $104,000.
• A close above $104,000 could target $106,000 or even $108,500.

Potential Downside Risks

If Bitcoin does not breach the $100,000 resistance, a decline may occur:

• Immediate support near $98,000 and the trend line.
• Major support at $97,350, followed by the $95,000 zone.
• Further losses might lead to testing the $93,200 support level.

Technical indicators show strengthening momentum with MACD in a bullish zone and RSI above 50.