NewsBTC
Jan 14, 2025
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Bitcoin Price Begins Recovery from $89,200, Eyes Resistance at $95,800

Bitcoin Price Analysis

  • Bitcoin is recovering from the $89,200 zone.
  • Current trading price is above $94,000 and surpasses the 100-hourly Simple Moving Average.
  • A break occurred above a bearish trend line at $92,000 on the BTC/USD hourly chart.
  • Support established at $92,450 may allow for further gains.

Resistance Levels

  • Immediate resistance near $95,200.
  • Key resistance at $95,800; moving above could lead to further increases.
  • The next significant level is $97,400 or the 1.236 Fib extension level.
  • Potential rise towards $98,800 and $99,500 if resistance at $97,400 is cleared.

Potential Decline

  • If Bitcoin does not surpass $95,800, a decline may occur.
  • Immediate support at $94,000; major support levels at $93,200 and $92,200.
  • A drop below these levels could target the $90,000 support.

Technical Indicators

  • MACD gaining momentum in bullish territory.
  • RSI for BTC/USD above the 50 mark.