As a seasoned crypto investor with a decade of experience under my belt, I must say that the recent recovery of Bitcoin above the $95,000 level has me optimistic. The bullish signs are undeniable, and if history is any guide, we could be on the brink of a fresh increase above the $98,000 level.
The cost of Bitcoin is rebounding and surging past the $95,000 mark. Bitcoin appears to be displaying optimistic signals as it targets a new surge beyond the $98,000 threshold.
- Bitcoin started a fresh increase above the $95,000 zone.
- The price is trading above $95,500 and the 100 hourly Simple moving average.
- There was a break above a short-term contracting triangle with resistance at $95,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it clears the $97,000 resistance zone.
Bitcoin Price Eyes More Upsides
The price of Bitcoin held steady above the $93,500 mark, and then established a foundation for growth surpassing the $94,500 resistance point. Subsequently, the bulls successfully drove the price beyond the $95,500 resistance level.
On the hourly Bitcoin-to-US Dollar chart, a break occurred above a temporary triangle pattern with resistance at approximately $95,500. The pair then surged past the 61.8% Fibonacci retracement level of the recent price drop from the high of $98,880 to the low of $90,735.
Currently, Bitcoin’s price is surging beyond $95,500 and aligning with its 100-hour Simple Moving Average. As it moves upward, potential resistance may be encountered around $97,000. It’s also close to the 76.4% Fibonacci retracement level of the recent price drop from the high of $98,880 down to $90,735.
Initially, a significant obstacle lies around the $98,500 mark. If the price manages to break through this barrier at $98,500, it could potentially increase further. The next notable hurdle might be at $98,800. Overcoming this level might lead to additional growth, taking the price up towards the potential resistance of $100,000. Further gains could push the price towards the $102,000 region.
Another Decline In BTC?
If Bitcoin doesn’t manage to break through the $97,000 barrier, there might be a renewed drop in its price. The lower boundary for this potential fall could be around $95,500.
Initially, a significant level of support can be found around $94,500. Currently, another area of support is close by at approximately $93,200. If the price continues to fall, it may trend towards the nearby support at $91,500 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 – $95,500, followed by $94,500.
Major Resistance Levels – $97,000, and $98,800.
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2024-11-29 05:46