NewsBTC
25 December 2024
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Bitcoin Price Surges Above $95,000 as Recovery Gains Momentum

Bitcoin price initiated a recovery above the $95,000 level. Continued upward movement may occur if it surpasses the $100,000 resistance zone.

  • Bitcoin began an upward trend above the $95,000 zone.
  • The price is trading above $95,000 and the 100-hour Simple Moving Average.
  • A break occurred above a key bearish trend line with resistance at $95,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair may see further increases if it remains above the $96,000 support zone.

Bitcoin Price Recovery

Bitcoin price found support near $92,500 and started recovering. BTC surpassed the $94,500 and $95,000 resistance levels.

A break above the bearish trend line at $95,000 allowed the pair to clear the $98,000 resistance and approach the $100,000 level, forming a high at $99,400 before consolidating gains.

The price declined slightly below the 23.6% Fib retracement level from the $92,417 swing low to the $99,400 high. Currently, Bitcoin trades above $95,000 and the 100-hour Simple Moving Average.

Immediate resistance is near $99,000. The first key resistance is around $99,500 or the recent high. A clear move above this could lead to further increases, with the next key resistance at $100,000.

Bitcoin Price

A close above the $100,000 resistance may push the price higher, potentially testing the $102,500 resistance level. Further gains might reach toward $104,000.

Potential Decline in BTC

If Bitcoin does not rise above the $99,000 resistance zone, it may decline. Immediate support is near $97,000.

The first major support is near $96,000 or the 50% Fib retracement level from the $92,417 swing low to the $99,400 high. Additional support is near $93,200. More losses could bring the price down to the $92,500 support level.

Technical indicators:

  • Hourly MACD – Gaining momentum in the bullish zone.
  • Hourly RSI (Relative Strength Index) – Above the 50 level for BTC/USD.
  • Major Support Levels – $97,000, followed by $96,000.
  • Major Resistance Levels – $99,000 and $100,000.