Bitcoin’s Price Recovery Attempts: Key Levels to Watch
Bitcoin is consolidating above $95,500, attempting a recovery if it surpasses $100,000. Currently trading below $99,000, it faces resistance near $98,000. If it stays under this level, another decline may occur, with immediate support at $96,200. Technical indicators reflect a challenging environment for Bitcoin as it navigates these critical price levels.
Bitcoin is currently consolidating above the crucial support zone of $95,500. Recent indications suggest that Bitcoin (BTC) may attempt a recovery, contingent on it surpassing the $100,000 mark. After experiencing a decline below the key $100,000 level, Bitcoin is trading beneath $99,000 and the 100 hourly Simple Moving Average (SMA). A bearish trend line on the hourly chart indicates resistance around the $98,000 region for the BTC/USD pair.
Following the failure to maintain momentum above the $102,500 zone, Bitcoin has seen a decline past the $99,000 mark, gaining bearish momentum below both the $98,500 and $96,500 thresholds. A low was established at $95,700, but Bitcoin has recently entered a consolidation phase, seeing a minor uptick above $97,000. It has surpassed the 23.6% Fibonacci retracement level from the downward move spanning from $102,500 to $95,700.
Currently, Bitcoin prices are below $98,500 and the 100 hourly SMA, with immediate resistance noted at the $98,000 level. The primary resistance to observe lies at $99,100, along with another Fibonacci retracement point at 50%. If Bitcoin manages to close above $100,000, it could further ascend, potentially testing the $101,200 resistance level and targeting $102,500 for further gains.
On the other hand, if Bitcoin is unable to breach the $98,000 resistance, it may face another decline. The immediate support levels to monitor are at $96,200, with significant support surrounding $95,500. Further losses may diminish prices to the $93,200 zone, with a deeper drop toward $92,200 and a primary support residing at $90,900.
Technical indicators reveal that the hourly MACD is continuously losing traction in the bearish region, while the Relative Strength Index (RSI) is hovering around the 50 level. Key support levels are set at $96,200 and $95,500, while significant resistance levels are defined at $98,000 and $100,000.
In summary, Bitcoin is positioned delicately, with current price actions indicating a potential recovery if it can clear the $100,000 resistance. However, if it fails to do so, supportive levels are crucial for maintaining stability. Traders should watch these thresholds closely to gauge Bitcoin’s trajectory in the volatile cryptocurrency market.
Original Source: www.newsbtc.com
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