💰 Bitcoin’s Pricey Comeback: A Rally or a Ruse? 💰

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In a most unanticipated twist, Bitcoin has mounted a spirited recovery above the rather pedestrian $96,500 mark. The enigmatic BTC now seems poised to leapfrog over the $98,800 barrier with the nonchalance of a cat on a hot tin roof.

  • Bitcoin has embarked on a rather decent recovery wave, ascending above the $96,500 abyss.
  • The price, with the grace of a swan, is now trading above $97,000 and the 100 hourly Simple moving average, which is, of course, as simple as it gets.
  • A key bullish trend line is emerging, rather like a phoenix from the ashes, with support near $97,600 on the hourly chart of the BTC/USD pair (data feed from Kraken, no less).
  • The pair could embark on another ascent if it manages to stay afloat above the $96,400 depths.

Bitcoin price, with the drama of a Shakespearean tragedy, formed a base above the $94,500 level and initiated a recovery wave. BTC, with the ease of a seasoned acrobat, surpassed the $95,000 and $96,400 resistance levels.

The price, in a most audacious move, even cleared the $97,500 resistance level. The bulls, in their unbridled enthusiasm, pushed the price above $98,500. A high was formed near $98,725, and the price is now consolidating gains like a miser with his gold. The price remains stable above the 23.6% Fib retracement level of the upward move from the $93,370 swing low to the $98,725 high, which is as technical as it is thrilling.

Bitcoin price is now trading above $97,200 and the 100 hourly Simple moving average, which is as predictable as the sunrise. There is also a key bullish trend line forming with support near $97,600 on the hourly chart of the BTC/USD pair, which is as reassuring as a warm blanket on a cold night.

On the upside, immediate resistance is near the $98,500 level, which is as formidable as a dragon guarding its treasure. The first key resistance is near the $98,800 level, followed by the next key resistance at $99,500. A close above the $99,500 resistance might send the price soaring like an eagle. In such a fantastical scenario, the price could rise and test the $100,000 resistance level, and any more gains might send the price toward the $100,500 level or even $102,000, which would be as surprising as a rabbit pulling a hat out of its own belly.

If Bitcoin fails to rise above the $98,800 resistance zone, it could start a fresh decline, as predictable as the end of a soap opera. Immediate support on the downside is near the $97,500 level, with the first major support at the $96,500 level and the 50% Fib retracement level of the upward move from the $93,370 swing low to the $98,725 high, which is as technical as it is tiresome.

The next support is now near the $95,500 zone, and any more losses might send the price toward the $94,200 support in the near term, which would be as disappointing as a pie with no filling. The main support sits at $93,400, as solid as the ground beneath our feet.

Technical indicators, as reliable as a crystal ball:

Hourly MACD – The MACD is now gaining pace in the bullish zone, like a racehorse at the final stretch.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level, which is as reassuring as a pat on the back.

Major Support Levels – $97,500, followed by $96,500, as sturdy as the columns of a Greek temple.

Major Resistance Levels – $98,500 and $100,000, as elusive as the pot of gold at the end of the rainbow.

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2025-02-21 06:07