Bitcoin Price Eyes Fresh Gains: Can Bulls Break Through?

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As a seasoned crypto investor with over a decade of experience under my belt, I’ve seen Bitcoin‘s volatile journey through its highs and lows. The latest recovery from the $91,400 zone is a familiar sight in the world of Bitcoin, reminding me of the rollercoaster ride we’ve all been on for years.

The price currently trading above $92,500 and the 100 hourly Simple moving average gives me a sense of optimism, as this pattern often signals an upward trend in the market. The connecting bullish trend line forming at $94,000 is also a positive sign, indicating potential support if BTC faces any pullbacks.

If Bitcoin can stay above the $93,500 support zone, it could be poised for another increase, possibly reaching as high as $98,800 or even $99,500 if it breaks past the $96,000 resistance level. However, a word of caution: history has taught us that no one can predict with absolute certainty what the market will do next, and Bitcoin is known for its unpredictable nature.

Of course, nothing in crypto is ever straightforward, so if Bitcoin fails to rise above $96,000, we could see another decline towards the $91,200 support level. But as they say, “Investing in crypto is like riding a rollercoaster – it’s all about holding on tight and enjoying the ride!

As a crypto investor, I’m observing a promising recovery in Bitcoin’s price, which had dipped into the $91,400 area. If BTC manages to surmount the $96,000 resistance level, it could potentially accelerate its upward momentum.

  • Bitcoin started a fresh recovery from the $91,400 zone.
  • The price is trading above $92,500 and the 100 hourly Simple moving average.
  • There is a connecting bullish trend line forming with support at $94,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start another increase if it stays above the $93,500 support zone.

Bitcoin Price Starts Recovery

The cost of Bitcoin commenced a notable uptrend surpassing the $92,000 barrier. It further managed to ascend beyond the hurdles at $93,200 and $93,500.

In simpler terms, the cost has climbed beyond the 50% Fibonacci retracement point following the recent drop from the peak of $96,040 to the low of $92,588. Additionally, a rising bullish trend line is developing, providing support at $94,000 on the hourly chart of the BTC/USD pair.

Currently, Bitcoin’s price exceeds $94,000 and aligns with its 100-hour Simple Moving Average. If it continues to rise, potential resistance can be found around $95,250 – a level close to the 76.4% Fibonacci retracement mark of the recent fall from the peak of $96,040 to the trough of $92,588.

Initially, a significant hurdle lies around $96,000. Breaking through this barrier at $96,000 could potentially push the price upwards. If so, the next potential obstacle may be at $97,500. Overcoming this level at $97,500 might further propel the price up. In such a scenario, the price might climb and challenge the resistance at $98,800. Any additional growth could steer the price towards $99,500.

Another Decline In BTC?

If Bitcoin doesn’t manage to break through its resistance at approximately $96,000, it might initiate a new drop in price. The nearest potential support can be found around $94,000 or along the trendline.

In simpler terms, the initial strong resistance lies around $93,500. The subsequent resistance area is currently at approximately $92,550. If the price continues to drop, it may head towards the next support level of $91,200 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 – $94,000, followed by $93,500.

Major Resistance Levels – $95,250 and $96,000.

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2025-01-02 06:05