Bitcoin Price Surges Above $95,000 with Resistance at $97,500

Bitcoin Price Update

Bitcoin (BTC) has risen above the $95,000 mark and is targeting the $97,500 resistance level.

Support remains above $94,500.
Currently trading above $95,000 and the 100 hourly Simple Moving Average.
A bullish trend line is forming with support at $96,350.
A move past $97,500 could trigger further increases.

Price Movements

BTC established a base above $93,500, recently surpassing $95,500 and reaching a high of $97,405. The price is consolidating after a minor decline below $97,000, testing the 23.6% Fib retracement level.

Immediate resistance levels are set at:

$97,200
$97,400
$97,500

A close above $97,500 may lead to further gains towards $98,800 and potentially $100,000.

Possible Downside

If BTC does not exceed the $97,500 resistance, a downside correction may occur. Key support levels include:

$96,500
$96,000
$95,200
$94,500
$94,200 (main support)

Technical indicators show:

MACD gaining momentum in the bullish zone
RSI above 50