Bitcoin Price Comeback: Can It Regain Ground?

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As a seasoned researcher with years of experience in the cryptocurrency market, I have witnessed numerous price movements and trends. Today, I find myself analyzing Bitcoin‘s latest recovery wave. After a brief period of consolidation around $92,500, BTC has managed to surge past the significant resistance at $95,000, signaling a potential continuation of its upward trajectory if it can clear the current hurdle at $100,000.

The cost of Bitcoin began to rebound after surpassing the $95,000 mark. If it manages to break through the $100,000 barrier, it could potentially continue rising further.

  • Bitcoin started a decent upward move above the $95,000 zone.
  • The price is trading above $95,000 and the 100 hourly Simple moving average.
  • There was a break above a key bearish trend line with resistance at $95,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start another increase if it stays above the $96,000 support zone.

Bitcoin Price Starts Recovery

The price of Bitcoin held steady around $92,500 and then began to rise. It managed to surpass the resistance at $94,500 and $95,000 levels.

On the hourly Bitcoin-to-US Dollar chart, there was a significant jump above a crucial bearish trend line that offered resistance at $95,000. The pair successfully surpassed the $98,000 resistance level and came close to the $100,000 mark. A peak was reached at $99,400, and now the price is pausing to consolidate its gains.

The Bitcoin price dipped slightly below the 23.6% Fibonacci retracement support level from its swing low at $92,417 to high at $99,400. At present, it’s trading above $95,000 and is now above the 100-hour Simple Moving Average.

Positively, the immediate hurdle for price increase lies around $99,000. Beyond this, a significant obstacle can be found at approximately $99,500 – the previous high point. Breaking past this barrier might propel the price further upwards. Potentially, another key resistance could materialize at $100,000.

If the price breaks through the barrier of $100,000, it could potentially climb even higher, reaching towards the potential resistance at $102,500. Further increases might propel the price in the direction of $104,000.

Another Decline In BTC?

If Bitcoin doesn’t manage to break through the $99,000 barrier, it might keep falling instead. The nearest potential floor for such a drop would be around $97,000.

As a researcher, I find that the primary support for the asset lies around the $96,000 mark or at the 50% Fibonacci retracement level following our upward swing from the $92,417 low to the $99,400 high. The next significant support is now situated in the vicinity of $93,200. Further declines might prompt the price to approach the near-term support at $92,500.

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 – $97,000, followed by $96,000.

Major Resistance Levels – $99,000 and $100,000.

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2024-12-25 06:22