As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market cycles and trends. In this particular case, I see Bitcoin making a strong recovery above the $94,000 level, indicating a bullish sentiment among investors.
The cost of Bitcoin is rebounding beyond the $94,000 mark. After consolidation, Bitcoin is preparing to surge again, targeting a new rise above the $97,000 level.
- Bitcoin started a fresh increase from the $91,000 zone.
- The price is trading above $95,000 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $95,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it clears the $97,000 resistance zone.
Bitcoin Price Recovers Losses
The cost of Bitcoin strengthened at approximately $91,000, then established a platform for growth and rose above the $93,500 threshold, which served as resistance beforehand. Subsequently, the bulls successfully propelled the price beyond the $95,000 resistance level.
The cost has climbed beyond the 50% Fibonacci retracement point during the drop from the $98,880 peak to the $90,735 trough, and a rising bullish trend line is developing on the hourly Bitcoin-to-US-Dollar chart, with support at $95,750.
As a crypto investor, I’m currently observing Bitcoin trading above $95,000 and aligning with the 100-hour Simple Moving Average. If the upward trend continues, potential resistance may be encountered around the $97,000 mark. This price point is near the 76.4% Fibonacci retracement level of the downward move ranging from the $98,880 peak to the $90,735 trough.
Initially, a significant barrier lies around the $98,000 mark. If we see a strong push past this $98,000 barrier, it could potentially drive the price upwards. The next crucial barrier might be at $99,200. Overcoming the $99,200 barrier in closing prices might trigger further growth. In such a scenario, the price may advance and challenge the $100,000 resistance. Any additional gains could push the price towards the $102,000 level.
Another Drop In BTC?
If Bitcoin doesn’t manage to break through its resistance at approximately $97,000, it might trigger another drop in price. The immediate floor for potential declines can be found around $95,750.
Initially, a significant level of support can be found around $95,000. Currently, another area of support is approaching at approximately $93,000. If there are further losses, the price may trend towards the nearby support at $91,000 in the short term.
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 – $95,750, followed by $95,000.
Major Resistance Levels – $97,000, and $98,000.
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2024-11-28 05:46