Bitcoin Surges Past Key Resistance — Focus Shifts to Next Major Target
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Bitcoin’s value is climbing again, surpassing the $95,000 mark. BTC is gaining momentum and may target the level above $97,500.
- Bitcoin has maintained support above the $94,500 range.
- The price trades above $95,000 and exceeds the 100-hour Simple Moving Average.
- A bullish trend line is forming with support around $96,350 on the hourly chart for the BTC/USD pair.
- The pair could experience additional gains if it breaks through the $97,500 level.
Bitcoin Price Gains Momentum
Bitcoin has established a foundation above the $93,500 mark. BTC initiated a fresh uptick and managed to surpass the $95,500 resistance to pave the way for a significant rise.
The bulls pushed the price past the $96,500 resistance, reaching a peak of $97,405. The price is currently solidifying its gains, with a slight retreat below the $97,000 mark, testing the 23.6% Fibonacci retracement of the upward surge from the $92,970 low to $97,405 high.
Bitcoin is presently trading above $95,000 and is beyond the 100-hour Simple Moving Average. Furthermore, a bullish trend line is developing with support at $96,350 on the hourly BTC/USD chart.
On the upside, the immediate barrier appears near the $97,200 level. The primary resistance is at around $97,400. A subsequent key resistance level might be at $97,500. If the price closes above this resistance point, it could rise further. In such an event, it might reach and test the $98,800 resistance level. Any additional upward movement may propel the price toward the $100,000 mark.
Potential Decline for BTC?
If Bitcoin does not surpass the $97,500 resistance zone, it could initiate another downward correction. Immediate support below is around the $96,500 level and the trend line. The first significant support level is near $96,000.
The next line of support is around the $95,200 region, coinciding with the 50% Fibonacci retracement level from the upward movement between $92,970 low and $97,405 high. Further losses could gravitate the price toward the $94,500 support area soon. The main support level rests at $94,200.
Technical indicators:
Hourly MACD – The MACD is currently increasing momentum within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key Support Levels – $96,500, followed by $95,500.
Key Resistance Levels – $97,500 and $98,000.
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