Bitcoin is consolidating near $95,000, showing bullish momentum after a recovery phase. The price has rebounded from $74,434, with increasing volume reflecting buyer interest. A breakout above $95,000 could lead to targets of $98,000 to $100,000, while caution is advised on potential bearish reversals below $93,000. Oscillator signals are mixed but lean towards optimism, supported by strong moving averages.
Bitcoin has recently been hovering around the significant psychological mark of $95,000 as it gears up for potential bullish momentum. Following a period of consolidation, marked by a recovery from a local low of about $74,434, the cryptocurrency is showing signs of a promising V-shaped reversal. Notably, trading volume surged during the latest rally, signalling strong buyer interest, with current support holding at key levels around $85,000 and $74,400, and resistance now situated between $95,000 and $100,000.
According to the four-hour chart, Bitcoin has maintained a solid bullish trend, climbing from $83,300 to around $95,800. While the price is now tightly consolidated, this behaviour often precedes a breakout. As long as higher highs and higher lows persist, it reflects a positive trend for buyers. However, this consolidation phase, paired with watchful volume, could set the stage for a surge towards the $98,000—$100,000 region. A breakout above $95,800 with strong volume would signal a prime entry point for traders. Conversely, if the price drops below the recent higher low of $93,000, it might warrant reassessment of bullish positions.
Zooming into the one-hour chart, Bitcoin has been fluctuating with choppy action, finding critical short-term support near $93,000. Price attempts at $94,000 have met resistance, particularly around $95,600, indicating overhead pressure. Volume has dipped, which might suggest a cool-off or indecision in the market. Scalpers might consider positioning around $93,000 to $93,500 with strict stops just beneath $92,800, aiming for a short-term retest of the $95,000 to $95,600 range. Lurking bearish signals such as lower highs should remain top of mind.
On an indicator level, oscillators appear to lean more neutral, with the relative strength index (RSI) sitting at 67. While momentum oscillators and the MACD deliver optimistic signals, suggesting continued potential upside, caution is still warranted. The Awesome Oscillator remains neutral, which adds to a sense of cautious positivity.
Moving averages paint a distinctly bullish picture for Bitcoin across various timeframes. Every moving average, whether simple or exponential, at intervals from 10 to 200-periods, shows a tendency towards upside momentum. The current price is above the 10-period EMA and SMA, reinforcing short-term support. Notably, the 200-period averages, standing at $85,831 and $89,681 respectively, underpin solid foundational support across all timeframes, suggesting sustained bullish market strength.
In summary, Bitcoin’s technical signals trend strongly bullish across multiple timeframes, bolstered by solid support from moving averages. If Bitcoin can decisively break above $95,000, the path could open towards $98,000 and even $100,000, provided volume accelerates and oscillators shift from neutral to bullish. Traders keen on swing positions may find this landscape favourable, provided they manage risks appropriately.
However, caution remains essential. The failure to break above that $95,000 zone, paired with decreasing volume, raises red flags. If the price drops below $93,000—especially undermining the $92,800 threshold—bearish trends could re-emerge, targeting lower support levels around $90,000 or even $85,000.
