Bitcoin Price Rebounds After Dip—Traders Target Next Resistance Level

Bitcoin has initiated a downward correction and tested the $94,000 mark. Currently, BTC is recovering and may target the $98,000 resistance level.

Bitcoin has shown a notable increase above the $95,500 resistance area.
The price is currently trading above $95,500 and the 100-hour Simple Moving Average.
A break occurred above a connecting bearish trend line with resistance at $94,750 on the hourly chart for the BTC/USD pair (data feed from Kraken).
If it surpasses the $97,750 zone, the pair could initiate another upward movement.

Bitcoin Price Recovery

Following a decline below the $95,500 support level, Bitcoin’s price dropped under $95,000 and $94,500. Nevertheless, buyers remained active around the $94,000 area.

The recent low was established at $93,398, and the price then began a fresh ascent, moving above the $94,500 mark. In addition, a break occurred above a connecting bearish trend line with resistance at $94,750 on the hourly chart for the BTC/USD pair.

Bitcoin then rose above the $96,500 resistance zone. Currently, it is trading above $95,500 and the 100-hour Simple Moving Average. A high of $97,650 was recorded, and the price is consolidating gains above the 23.6% Fibonacci retracement level of the upward move from the $93,398 swing low to the $97,650 high.

On the upside, immediate resistance can be found near the $97,250 mark. The first key resistance is around $97,750. The next significant resistance level could be $98,000. A close above this level may push the price further up, potentially testing the $98,800 resistance. Additional gains might propel the price toward the $100,000 level.

Potential Decline for BTC?

If Bitcoin struggles to break above the $97,750 resistance zone, it might begin another downward correction. Immediate support is near the $96,650 level. The first major support appears at the $95,500 level and aligns with the 50% Fibonacci retracement level of the upward movement from the $93,398 swing low to the $97,650 high.

Next support is positioned near the $95,000 zone. Further losses could drive the price down toward the $94,500 support in the short term. The main support is identified at $93,200.

Technical Indicators:

Hourly MACD – The MACD is gaining momentum within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.

Major Support Levels – $96,650, followed by $95,500.

Major Resistance Levels – $97,750 and $98,000.

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