Bitcoin Price Faces Challenges: Will It Break Through and Rise?

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The price of Bitcoin is trying to bounce back over the $93,200 mark. If it continues to rise, it could encounter obstacles around the $97,500 level.

  • Bitcoin started a recovery wave above the $95,000 zone.
  • The price is trading above $95,500 and the 100 hourly Simple moving average.
  • There is a connecting bullish trend line forming with support at $96,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start another increase if it stays above the $95,450 support zone.

Bitcoin Price Regains Traction Above Below $95K

The cost of Bitcoin briefly rebounded over the $92,000 mark, reaching as high as $93,500 and $94,200 in a temporary price increase.

In simpler terms, the bulls successfully drove the price beyond the crucial threshold at $95,800 and even surpassed $97,000. The highest point reached was $97,431. Currently, the price is holding steady after a period of growth, sitting comfortably above the 23.6% Fibonacci retracement level in the bullish trend that started at $89,115 and peaked at $97,431.

A rising trend line that offers support at approximately $96,000 is developing on the hourly Bitcoin-to-USD chart. Currently, Bitcoin’s price is above $95,000 and it’s now sitting above the 100-hour Simple Moving Average as well.

On a positive note, the immediate barrier for further growth lies around the $97,450 mark. The primary hurdle is found at approximately $98,000. If the price manages to surpass this initial resistance, it could potentially push higher. A potential next barrier might be at $98,800.

If the price breaks through the $98,800 barrier, it may continue to ascend, potentially reaching the $100,000 resistance point. Any additional growth could push the price towards the $102,500 mark.

Another Drop In BTC?

If Bitcoin doesn’t manage to break past the $98,800 barrier, it might initiate a downward movement instead. A potential floor for this decline could be around $96,000, including the trend line as a support. The initial significant support level is found at approximately $94,500.

The price is approaching a potential support area around $93,200, which is also halfway through the upward move from $89,115 to $97,431, or the 50% Fibonacci retracement level. If the downward trend continues, it might push the price towards the near-term support at $92,000.

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 – $96,000, followed by $94,500.

Major Resistance Levels – $97,450 and $98,800.

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2025-01-15 05:46