Bitcoin (BTC) is attempting a recovery after slipping below $100,000. The world’s largest cryptocurrency is currently consolidating above $95,500, showing signs of a potential rebound. However, resistance at $98,000 and $100,000 could determine the next move.
Bitcoin Holds Above Key Support
According to Kraken’s BTC/USD data, Bitcoin failed to sustain gains above $102,500, leading to a correction below $99,000. BTC dropped to a weekly low of $95,700 before stabilizing and making a slight recovery.
Currently, BTC is trading below $98,500 and remains under pressure from the 100-hourly simple moving average (SMA). A bearish trend line has formed at $98,000, acting as immediate resistance.
Key Resistance Levels to Watch
- $98,000: Bearish trend line resistance.
- $99,100: 50% Fibonacci retracement level from $102,500 swing high.
- $100,000: Psychological barrier; a break above this could trigger further gains.
If BTC successfully closes above $100K, it could test $101,200, and further upside could push the price to $102,500.
Will Bitcoin Drop Again? Key Support Zones
If BTC fails to break $98,000, it risks another decline. The nearest support levels are:
- $96,200: Immediate support.
- $95,500: Major support level.
- $93,200 & $92,200: Possible downside targets if BTC weakens further.
- $90,900: Main long-term support.
Technical Indicators
- Hourly MACD: Losing pace in the bearish zone.
- Hourly RSI: Near 50, signaling indecision in the market.
What’s Next for BTC?
Bitcoin’s next move hinges on the $98K-$100K resistance zone. A breakout could fuel a bullish rally, while failure to clear key levels may lead to another dip. Traders should watch for volatility and potential buying pressure at critical support zones.
