Bitcoin Price Surges: Is This the Beginning of a Bull Run?
The price of Bitcoin has bounced back above the $95,000 region, showing signs of recovery. If it manages to surpass the $98,000 resistance level, it could continue its upward trajectory.
Bitcoin has initiated a new upward movement above $95,500, currently trading above $96,500 alongside the 100-hourly Simple Moving Average. A bullish trend line is taking shape on the hourly BTC/USD chart, with support at $95,000, indicating the potential for further gains if it remains above this support level.
Bitcoins price has seen a positive shift, breaking through resistance levels at $93,200, $94,200, and $95,000. After spiking above $97,500, reaching a high of $97,719, the price is now consolidating its gains above the 23.6% Fibonacci retracement level.
With the hourly chart showing a bullish trend line at $95,000, Bitcoin is holding steady above $95,500 and the 100-hourly Simple Moving Average. The next key resistance levels to watch are $97,500 and $98,000, a breakthrough of which could propel the price higher.
In the event that Bitcoin fails to breach the $98,000 resistance level, a renewed downtrend could emerge. Immediate support lies at $96,500, followed by major support levels at $95,000 and $94,550. Technical indicators such as the MACD and RSI suggest a bullish momentum for BTC/USD, with support at $96,500 and $95,500, and resistance at $97,500 and $98,000.
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