Is a Bitcoin Price Surge on the Horizon? Bulls Aim for $95K and More
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The price of Bitcoin is again trending upwards, surpassing the $94,000 mark. BTC is displaying optimistic signals and could target a breakthrough past the $95,500 resistance level.
- Bitcoin remains buoyed above the $92,500 mark.
- Currently, the price is trading over $94,000 and above the 100-hour Simple Moving Average.
- A bearish trend line is forming with resistance at $95,000 on the hourly chart for the BTC/USD pair.
- If it overcomes the $95,500 threshold, the pair may initiate another upward movement.
Bitcoin Price Looks to Surge
Bitcoin initiated a minor downward adjustment from the resistance level of $95,250. It fell below the support levels at $95,000 and $94,500.
As bears drove the price under the $93,500 support level, bulls stepped in close to the $93,000 mark. A low of $92,970 was established, followed by a new uptick. The price transitioned above both $93,500 and $93,800 resistance levels.
The price advanced past the 50% Fibonacci retracement level of the drop from the $95,195 high to the $92,970 low. Currently, Bitcoin is trading above $94,000 and the 100-hour Simple Moving Average.
Additionally, it remains above the 76.4% Fibonacci retracement level from the decline between $95,195 to $92,970. On the upside, immediate resistance lies around the $95,000 region, with a bearish trend line forming at the same level on the BTC/USD hourly chart.
The primary resistance level is around $95,250, with the next significant resistance possibly being at $95,500. A close above $95,500 could propel the price even higher, potentially testing the $96,500 resistance level. Further appreciations may push the price towards the $98,000 mark.
Is Another Decline for BTC Possible?
If Bitcoin does not surpass the $95,500 resistance level, it may trigger another downward correction. Immediate support on the downside is around the $94,200 mark. The first key support area is near $93,500.
The subsequent support lies close to the $93,000 level. Further declines could bring the price down towards the $92,500 support in the near future. The ultimate support remains at $91,200.
Technical indicators:
Hourly MACD – The MACD is currently gaining momentum in the bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 threshold now.
Key Support Levels – $94,500, followed by $93,500.
Key Resistance Levels – $95,250 and $95,500.
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