Bitcoin’s recent price movements show stabilization between $96,000 and $98,000 following a notable drop. A break above $98,800 may lead to increased gains towards $100,000. Conversely, failure to hold above $96,000 increases the risk of bearish movements toward $94,000. Technical indicators suggest both cautious optimism and market indecision, highlighting the current volatility in the cryptocurrency landscape.

Bitcoin has seen a slight increase, trading between $97,973 and $98,323 in the past hour as traders evaluate macroeconomic factors and inflation rates alongside significant technical levels. The daily chart illustrates that Bitcoin is stabilizing in the $96,000 to $98,000 range, following a 10.3% decline from its peak of $109,356, established on January 20, 2025. Resistance is noted at $109,356, and support is evident at $89,164.

If Bitcoin can remain above the $96,000 mark, it hints at a potential bullish reversal targeting the range of $102,000 to $105,000. Conversely, if the price dips below $94,000, a retest towards $90,000 may occur. This range is crucial for traders to ascertain the market’s directional momentum and overall health.

The 4-hour chart indicates a rebound from the $93,340 support, with heightened buying volumes reflecting renewed bullish sentiment. Immediate resistance stands at $98,871, and a breakout beyond this could accelerate gains towards $100,000. However, if rejected at this level, a pullback to the $94,000 to $95,000 range may take place, marking $98,800 as a critical threshold for short-term bullish trends or lingering bearish concerns.

Intraday analysis on the 1-hour chart reveals a consistent uptrend for Bitcoin following a retest of $93,340, with $98,058 acting as a key resistance point. A breach could facilitate a swift ascent toward $99,500, prompting scalpers to consider long positions above $97,800. Nevertheless, if $98,000 fails to hold, short-term bearish trading may aim for $96,500. Increasing volumes bolster bullish momentum although fluctuations in the market present an inherent risk.

Oscillators depict a neutral to slightly bullish bias, with the relative strength index (RSI) positioned at 49 and momentum indicators at 281. This cautious optimism contrasts with a moving average convergence divergence (MACD) reading of -872, suggesting underlying bullish trends despite complex market signals. The conflicting indications from moving averages (MAs) further underscore the present indecision across shorter and longer time frames.

In conclusion, Bitcoin’s ability to stay above the $96,000 level, combined with favorable momentum indicators, supports recovery prospects. A breakout past $98,800 could catalyze a rally towards $102,000–$105,000. Should it fail to maintain above $96,000, the risk of a drop to the $94,000 mark persists, suggesting a bearish shift could emerge amid macroeconomic uncertainties.

In summary, Bitcoin’s position within the $96,000 to $98,000 range is pivotal for its short-term outlook. The potential for a rally exists if key resistances are breached, particularly above $98,800. Conversely, maintaining stability below $94,000 could indicate a forthcoming bearish trend, emphasizing the importance of monitoring market movements closely amidst prevailing economic challenges.

Original Source: news.bitcoin.com

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