Bitcoin Price Displays Power: Could This Be the Start of a Surge?

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As a seasoned crypto investor with a decade-long journey navigating the digital currency market, I have learned to read between the lines of technical analysis like a veteran. The recent recovery of Bitcoin above the $95,000 zone is an encouraging sign for me, as it indicates a potential continuation of the bullish trend if the price can clear the $98,000 resistance zone.

Having weathered several crypto winters and market corrections, I recognize that this recovery isn’t without its risks. However, the forming bullish trend line with support at $95,000 on the hourly chart adds a layer of confidence to my optimism. If Bitcoin can hold above the $95,000 support zone, we might be in for another increase toward $100,000 and beyond.

That being said, I’m not blind to the potential pitfalls. Should the price fail to clear the $98,000 resistance, a fresh decline could occur, with immediate support found at $96,500. The market is unpredictable, but as always, it pays to stay informed and cautious.

On a lighter note, I can’t help but chuckle at the irony that the price of Bitcoin, once considered an obscure internet currency, has now surpassed the value of some established companies in the traditional financial world. Who would have thought that digital cash could become a store of value and a formidable investment asset? It just goes to show that even the wildest ideas can sometimes turn out to be reality!

The cost of Bitcoin is regaining its losses as it moves beyond the $95,000 level. If Bitcoin manages to surpass the $98,000 barrier, it could potentially rise further.

  • Bitcoin started a fresh recovery above the $95,500 zone.
  • The price is trading above $96,500 and the 100 hourly Simple moving average.
  • There is a connecting bullish trend line forming with support 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 $95,000 support zone.

Bitcoin Price Recovers Further

The price of Bitcoin took off on an encouraging uptrend, surpassing the significant resistance point at around $93,200. Subsequently, it managed to break through the barriers at $94,200 and $95,000 as well.

The price managed to overcome several obstacles around the $96,500 mark and even surged beyond $97,500. It peaked at $97,719, and currently, it’s holding its ground above the 23.6% Fibonacci retracement level following a strong uptrend from the $92,588 low to the $97,719 high.

Additionally, a rising bullish trendline is being formed on the hourly BTC/USD chart, providing support at approximately $95,000. Currently, Bitcoin’s price is trading above $95,500 and is also above the 100-hour Simple Moving Average. This trendline aligns with the 50% Fibonacci retracement level of the recent upswing from the $92,588 low to the $97,719 high.

From a positive perspective, the initial resistance can be found close to $97,500. The primary resistance lies around $98,000. If we see a strong push beyond the $98,000 resistance, it could potentially drive the price upwards.

If we surpass the potential resistance at $98,800, it could lead to an upward trend that takes us closer to the $99,500 resistance point. Should there be any additional increases, we might find ourselves moving towards the $100,000 mark.

Another Drop In BTC?

If Bitcoin doesn’t manage to break through the $98,000 barrier, there might be a new drop in its price. The initial support can be found around $96,500.

In simpler terms, the first significant resistance point lies around $95,000. The next potential support area has moved closer to approximately $94,550. If there are further drops, the price could head towards the nearby support at $93,200.

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 – $96,500, followed by $95,500.

Major Resistance Levels – $97,500 and $98,000.

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2025-01-03 05:47