Key Takeaways:
– Bitcoin price initiates recovery beyond the $95,000 territory.
– A rising trend line around the $95,000 range could support further increases.
– The potential for increases depends on Bitcoin’s ability to scale the $98,000 barrier.
– A possible fall back may occur if the $98,000 resistance is left untouched.
Bullish Momentum Fuels BTC on Recovery Path
Market optimism retains buoyancy for Bitcoin (BTC), which now trades confidently over the $95,000 mark. Even a resilient resistance zone around $98,000 is perceived more as a test of the coin’s endurance rather than a stumbling block on its path to recovery. Gradually gaining upward momentum, Bitcoin’s ascent is backed by a bullish trend, with a supporting trend line formed at $95,000.
The recent progression into the $95,500 zone signals a fresh recovery phase for Bitcoin. Above the 100 hourly Simple Moving Average, BTC’s trading rates are accommodating the newfound strength.
Steadying After the Ascent
Traversing through several obstacles around the $96,500 area, BTC managed a jump beyond $97,500. An impressive high quickly shaped at $97,719, with Bitcoin currently consolidating its wins above 23.6% Fib retracement level. This comes from the previous surge that experienced a swing from $92,588 to the $97,719.
Growth doesn’t stop here. The supporting trend line at $95,000 continues to bolster Bitcoin’s bullish trajectory. Notably, this trend line successfully hovers around the 50% Fib retracement level resulting from the recent swing.
Chasing More Heights
For Bitcoin, the next challenge lies within the $97,500 ambit. A major barrier anticipates around the $98,000 corridor. However, Bitcoin’s unrelenting spirits promise possible breach of this resistance, potentially elevating the price even higher.
Looking forward, the path may have other resistance zones brewing, especially around the $98,800 mark. Overcoming this position may usher in further height achievement, possibly touching the $99,500 fence. An upsurge beyond this could set BTC inching closer to an anticipated goal – the $100,000 level.
A Possible Backpedal on the Cards?
For all the bullish fervor, Bitcoin also braces for a potential downturn if the $98,000 resistance remains unconquered. In the case of a decline, the first line of support expects at $96,500.
Significant support holds around $95,000, followed by a backup zone approximately $94,550. Any dip beyond this could steer Bitcoin towards the $93,200 support line in the near term.
Crucial Market Indicators
The Market Average Convergence Divergence (MACD) now powers up in the bullish zone while the Relative Strength Index (RSI) for BTC/USD stays above the 50 level. Major support levels are identified at $96,500 and $95,500 while pronounced resistance is anticipated at $97,500 and $98,000.
In summary, Bitcoin’s ongoing increased valuation displays strength in the cryptocurrency’s trends. The route ahead may either lead to a significant bullish advance or cautious retreat. Investors and traders may want to keep a vigilant eye on the movement of this financial titan.