Bitcoin Price Uptrend Holds: Steady Climb Toward New Highs

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As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous market cycles and trends that have shaped my perspective. The current upward trajectory of Bitcoin is reminiscent of some of the most exciting bull runs I’ve observed, yet it also carries an air of unpredictability due to its inherent volatility.

The value of Bitcoin is consistently climbing over the $92,000 mark. Bitcoin appears to be growing in strength and could potentially surpass the $95,000 threshold.

  • Bitcoin started a fresh increase above the $92,000 zone.
  • The price is trading above $92,000 and the 100 hourly Simple moving average.
  • There is a connecting bullish trend line forming with support at $93,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to rise if it clears the $95,000 resistance zone.

Bitcoin Price Sets Another ATH

The price of Bitcoin held firm above the $91,000 mark, establishing a foundation for growth. Subsequently, BTC rose significantly beyond the $92,000 threshold. It surpassed the $94,000 barrier and peaked at $94,980 before experiencing a temporary decline.

There was a move below the $94,200 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $91,500 swing low to the $94,980 high. However, the price is stable and consolidating near the $94,200 level.

Currently, the Bitcoin price exceeds $93,000 and aligns with its 100-hour Simple Moving Average. Additionally, a rising bullish trend line is being established, offering support at approximately $93,800 on the hourly BTC/USD chart.

Positively speaking, there’s a possibility that the price might encounter hurdles around the $94,800 mark. The primary obstacle lies near the $95,000 mark. A decisive break above this barrier at $95,000 could potentially propel the price further upwards. Another significant potential hurdle is seen at $98,000.

If the price breaks through the $98,000 barrier, it may trigger further increases. In this scenario, the price could potentially climb and challenge the $100,000 resistance point. Should it continue to rise, it might push toward the $102,000 resistance level.

Another Downside Correction In BTC?

If Bitcoin fails to rise above the $95,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $93,700 level.

The primary reinforcement can be found around the $92,800 area or at the 61.8% Fibonacci retracement point of the rise that began at the $91,500 low and peaked at $94,980. The subsequent support is now situated in the $91,500 region. Further declines could potentially drive the price towards the nearby $90,000 support level.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $93,800, followed by $92,800.

Major Resistance Levels – $94,800, and $95,000.

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2024-11-21 05:46