Bitcoin Price Surpasses $96,500, Aims for $98,800 Resistance

Bitcoin Price Update

• Bitcoin price is recovering above the $96,500 level.
• Current trading above $97,000 and the 100 hourly Simple Moving Average.
• Key bullish trend line support near $97,600 on the hourly chart.
• Price stability is crucial above the $96,400 zone for potential increases.

Bitcoin formed a base above $94,500, surpassing resistance levels at $95,000 and $96,400. It peaked near $98,725 and is currently consolidating gains, remaining stable above 23.6% Fib retracement from the $93,370 low to $98,725 high.

• Immediate resistance at $98,500; key level at $98,800.
• A close above $99,500 may target $100,000 and potentially $102,000.
• If unable to breach $98,800, immediate support is at $97,500 and $96,500.
• Next supports include $95,500 and $94,200; main support at $93,400.

Technical indicators show a bullish MACD and RSI above 50, signaling upward momentum.