Bitcoin's price is experiencing a recovery above the $94,000 level after bouncing back from $91,000. The cryptocurrency is currently trading above $95,000 and the 100-hourly simple moving average, showing signs of consolidation and potential upward momentum.
A crucial bullish trend line provides support around $95,750 on the hourly chart of the BTC/USD pair, indicating a positive trajectory. To maintain its upward momentum, Bitcoin needs to break through the $97,000 resistance level.
The pair's next resistance levels are at $98,000 and then $99,200. A sustained move above these levels could push the price towards $100,000, with more gains potentially leading to $102,000.
However, if Bitcoin fails to break past the $97,000 resistance, it might undergo another downside correction. Key support levels include $95,750 and $95,000, with further support appearing around the $93,000 and $91,000 levels.
The MACD for the BTC/USD is in a bullish zone, while the RSI stands above 50, supporting a positive outlook but cautioning against potential retracement.
