Bitcoin is maintaining a solid position above $94,000, aiming to surpass the $95,500 resistance. After a short-term decline, support has rebounded around $93,850 and Bitcoin continues trading above the 100 hourly moving average. Key resistance and support levels are established, indicating possible future price movements either upward or downward depending on market conditions.
Bitcoin is currently holding steady above significant levels, clocking in over the $94,000 mark. It appears to be heading towards breaking the $95,500 resistance barrier, buoyed by support levels holding firm above $93,850. At the moment, BTC is trading not only above $94,100 but has also managed to stay above the 100 hourly simple moving average, indicating some strong momentum.
Recent trading saw Bitcoin dip following its attempt to breach the $95,500 resistance, dropping beneath the $95,000 and $94,500 supports. This change marked a setback below the 50% Fibonacci retracement level drawn from the upward movement that ranged from a swing low at $92,900 to a height of $95,488. Compounding this, there was also a breach of a bullish trend line that previously had support at $94,850, which raised a few eyebrows in the trading community.
However, buyers showed resilience close to the $93,850 mark, coupled with the 61.8% Fibonacci level of the earlier upward trend. Currently, Bitcoin holds steady above $94,500 and the crucial 100 hourly simple moving average. The most immediate resistance area is hovering at the $95,000 threshold, followed by the first significant resistance at $95,250, before likely facing that crucial $95,500 hurdle.
Should Bitcoin manage to close above $95,500, it opens up prospects for further price hikes, potentially testing the next resistance at $96,500. If the bullish trend continues, there’s a chance to see Bitcoin inching toward levels as high as $98,000.
However, if the cryptocurrency struggles to surpass the $95,500 barrier, there might just be a risk of a renewed downward correction. On the downside, you could find immediate support near $94,500 and more robust backing near the $93,850 range. As it declines further, the next support level has shifted to around $93,500. Should the trend persist downward, we could see BTC tumble toward the $92,500 mark, with the main support firmly entrenched at approximately $91,200.
In terms of technical analysis, it’s worth noting that the hourly MACD is picking up speed within the bullish territory, suggesting a potential for price increases. Additionally, the hourly RSI for the BTC/USD pair is hanging above the critical 50 level, which typically signals bullish momentum. Major support levels are pegged at $94,500 and $93,850 while key resistance levels sit at $95,250 and $95,500, making this an interesting time for Bitcoin traders.
