Bitcoin's price is experiencing a recovery, currently trading above $95,000, and is exhibiting positive signs for an upward movement targeting $98,000. It has surpassed the $95,500 mark and the 100 hourly Simple moving average, particularly after breaking a short-term contracting triangle resistance at $95,500 according to the BTC/USD pair's hourly chart.
The potential for a bullish trend looms if Bitcoin successfully overcomes the $97,000 resistance zone, potentially climbing higher towards more significant resistance levels at $98,500 and $98,800. A breakthrough here might pave the way for testing the pivotal $100,000 milestone and possibly reaching $102,000.
Conversely, should Bitcoin fail to breach the $97,000 resistance, it may face a downside correction. Immediate support levels lie at $95,500, followed by $94,500, with further support anticipated around $93,200 and, potentially, $91,500.
Technical indicators reveal the Hourly MACD gaining momentum in the bullish zone and the RSI for BTC/USD above the 50 level, emphasizing a leaning towards potential upward movement. Key resistances and supports remain pivotal in anticipating price directions.
