Bitcoin has shown resilience by recovering its losses and surging past the $95,000 mark. It now consolidates while encountering resistance at $101,250, after an increase from the $90,000 area. Trading below $100,000 and the 100 hourly SMA, Bitcoin still holds key support at $99,000, as indicated by the bullish trend line on the hourly chart.
Bulls managed to clear resistance at $96,500 and $98,000, climbing above 61.8% Fib retracement of the decline from $104,015 to $91,800. Nonetheless, bears are active above $101,000, hindering a close above $102,000. Despite trading under major resistance levels, support lies at $99,000 with potential upside challenges at $100,000 and beyond.
If Bitcoin surpasses the $101,250 resistance, it may accelerate gains and target $102,000 and $104,200. Further rises could push the price towards $108,000. Conversely, failure to overcome $101,250 could initiate a downside correction, testing support at the $97,800, $96,000, and even $95,000 levels.
Technical indicators imply caution as the hourly MACD loses bullish momentum, and the RSI falls below 50 for BTC/USD. Key support resides at $99,000 and $97,800, while major resistance appears at $100,000 and $101,250.
