Bitcoin Price Rises Above $95,500, Eyes $98,000 Resistance
Bitcoin Price Update
Bitcoin is correcting after testing the $94,000 zone but shows signs of recovery. Key points include:
- Price increased above the $95,500 resistance level.
- Currently trading above $95,500 and the 100-hourly Simple Moving Average.
- Broke above a bearish trend line at $94,750 on the BTC/USD hourly chart.
- Further increases expected if it surpasses the $97,750 zone.
Price Movement Details
After a decline below the $95,500 support, Bitcoin found support near $94,000, forming a low at $93,398. It then rose above $94,500 and $96,500.
Currently consolidating gains, immediate resistance levels are:
- $97,250
- $97,750
- $98,000
A close above $98,000 could lead to further increases towards $98,800 or $100,000.
Potential Downside Risks
If Bitcoin does not break above $97,750, it may face another correction. Support levels are:
- Immediate: $96,650
- Major: $95,500
- Next: $95,000
- Main: $93,200
Technical indicators show bullish momentum with the MACD gaining pace and RSI above 50.