Bitcoin's price is steadily recovering, moving above the $96,000 level, and expressing positive signals for a potential rise past $98,800. Currently trading over $96,500, it has surpassed its short-term bearish trend line resistance at $96,400, indicating potential for bullish momentum.
A critical resistance level near $98,000 could be a proving ground for Bitcoin, with clearance paving the way for a surge towards $99,200 and potentially testing the pivotal $100,000 mark. Further gains might propel the cryptocurrency towards $102,000 in upcoming sessions.
Failure to breach the $98,000 resistance might trigger another downward correction, with immediate supports near $97,200 and $96,500. Additional drops could see Bitcoin's price descend to $95,000 and potentially $93,500.
Key technical indicators, such as the hourly MACD, demonstrate an increase in bullish momentum, while the RSI remains above 50, supporting the possibility of continued upward movement.
