Bitcoin showed recovery after dropping to $94,000, rising past $95,500. Traders anticipate a possible move towards $98,000 resistance if the upward trend continues, although failing to breach $97,750 might result in a downward correction. Key support levels sit at $96,650 and $95,500, while resistance awaits at $97,750 and $98,000.
After hitting a low around $94,000, Bitcoin’s price has shown signs of recovery, now pushing towards the $98,000 resistance point. Following a dip below $95,500, BTC encountered support close to the $94,000 mark, where buying interest appeared quite strong. This surge brings Bitcoin once more above the crucial $95,500 threshold and the 100-hour Simple Moving Average (SMA).
The price even broke through a bearish trend line, which had its resistance set at $94,750 on the hourly chart for the BTC/USD pair. Such upward momentum is encouraging traders who are now looking for a potential breakout if Bitcoin can decisively overcome the $97,750 level.
Initially, BTC showed a dip beneath the $95,500 support, even dropping below both the $95,000 and $94,500 thresholds. Yet, a rally began from a recent low of $93,398, pushing the price back over $94,500 and climaxing at $97,650, with current trading values solidly above the 23.6% Fibonacci retracement level of that upswing.
Eyeing the resistance situation, Bitcoin faces immediate barriers around $97,250, and it’s gaining attention for its potential to surpass the critical $97,750 mark. If it indeed breaks above $98,000, we might see an upward trajectory that tests $98,800 and possibly even hits the $100,000 landmark, an intensely anticipated milestone.
On the flip side, should Bitcoin struggle to penetrate the $97,750 territory, a new downward correction could be on the horizon. The first immediate support lies at $96,650, below which the major support stands at $95,500 — coinciding with the 50% Fibonacci retracement from the recent low to high. If there are deeper losses, Bitcoin may target the $94,500 support next, with significant backing located further down at $93,200.
Concerning technical indicators, the hourly MACD shows a bullish momentum gain while the RSI indicates strength, sitting above the 50 threshold. For now, those levels of support sit at $96,650 and $95,500, while the resistance levels to keep an eye on are set notably at $97,750 and $98,000.
Traders are watching closely — the next few hours of trading could really decide Bitcoin’s short-term fate. How it navigates these resistance and support areas will be crucial as the market continues to evolve.
