Bitcoin Price Holds Support: Ready to Spring Back?
Bitcoin price remained supported above the $94,200 zone. BTC is forming a base and might start a fresh increase above the $98,000 resistance.
- Bitcoin started a fresh decline below the $98,000 support zone.
- The price is trading below $97,500 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance at $97,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could regain momentum if it closes above the $98,000 resistance zone.
Bitcoin Price Stays Above Support
Bitcoin price extended losses below the $98,000 support zone . There was a move below the $96,500 support. The price even spiked below $95,000.
A low was formed at $94,314 and the price is now consolidating losses. There was a recovery wave above the $96,650 level. The price climbed above the 61.8% Fib retracement level of the downward wave from the $98,267 swing high to the $94,314 low.
Bitcoin price is now trading below $98,000 and the 100 hourly Simple moving average . On the upside, the price could face resistance near the $97,500 level. It is close to the 76.4% Fib retracement level of the downward wave from the $98,267 swing high to the $94,314 low.
The first key resistance is near the $98,000 level. There is also a key bearish trend line forming with resistance at $97,800 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.comA clear move above the $98,000 resistance might send the price higher. The next key resistance could be $98,800. A close above the $98,800 resistance might send the price further higher. In the stated case, the price could rise and test the $100,000 resistance level. Any more gains might send the price toward the $102,000 level.
Another Decline In BTC?
If Bitcoin fails to rise above the $98,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $96,500 level.
The first major support is near the $95,000 level. The next support is now near the $94,250 zone. Any more losses might send the price toward the $92,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $96,500, followed by $95,000.
Major Resistance Levels – $98,000, and $98,800.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
A decade-long tug-of-war ends: "Crypto Market Structure Bill" sprints to the Senate
At the Blockchain Association Policy Summit, U.S. Senators Gillibrand and Lummis stated that the "Crypto Market Structure Bill" is expected to have its draft released by the end of this week, with revisions and hearings scheduled for next week. The bill aims to establish clear boundaries for digital assets by adopting a classification-based regulatory framework, clearly distinguishing between digital commodities and digital securities, and providing a pathway for exemptions for mature blockchains to ensure that regulation does not stifle technological progress. The bill also requires digital commodity trading platforms to register with the CFTC and establishes a joint advisory committee to prevent regulatory gaps or overlapping oversight. Summary generated by Mars AI. The accuracy and completeness of this summary, generated by the Mars AI model, is still being iteratively updated.
Gold surpasses the $4,310 mark—Is the "bull frenzy" returning?
Boosted by expectations of further easing from the Federal Reserve, gold has risen for four consecutive days. Technical indicators show strong bullish signals, but there remains one more hurdle before reaching a new all-time high.
Trend Research: Why Are We Still Bullish on ETH?
Against the backdrop of relatively accommodative expectations in both China and the US, which suppress asset downside volatility, and with extreme fear and capital sentiment not yet fully recovered, ETH remains in a favorable "buy zone."
Trending news
MoreCrypto prices
More
