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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Bounces Back After Dip—Traders Eye Next Resistance Zone

Aayush Jindal
Aayush Jindal
1 month ago
2 mins read
Bitcoin Price Bounces Back After Dip

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Bitcoin price started a downside correction and tested the $94,000 zone. BTC is again rising and might aim for a move toward the $98,000 resistance.

  • Bitcoin started a decent increase above the $95,500 resistance zone.
  • The price is trading above $95,500 and the 100 hourly Simple moving average.
  • There was a break above a connecting bearish trend line with resistance at $94,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start another increase if it clears the $97,750 zone.

Bitcoin Price Bounces Back

Bitcoin price started a downside correction below the $95,500 support zone. BTC declined below the $95,000 and $94,500 support levels. However, the bulls were active near the $94,000 zone.

The recent low was formed at $93,398 and the price started a fresh increase. There was a move above the $94,500 level. Besides, there was a break above a connecting bearish trend line with resistance at $94,750 on the hourly chart of the BTC/USD pair.

There was a move above the $96,500 resistance zone. Bitcoin is now trading above $95,500 and the 100 hourly Simple moving average. A high was formed at $97,650 and the price is consolidating gains above the 23.6% Fib retracement level of the upward move from the $93,398 swing low to the $97,650 high.

Bitcoin Price
Source: BTCUSD on TradingView.com

On the upside, immediate resistance is near the $97,250 level. The first key resistance is near the $97,750 level. The next key resistance could be $98,000. A close above the $98,000 resistance might send the price further higher. In the stated case, the price could rise and test the $98,800 resistance level. Any more gains might send the price toward the $100,000 level.

Another Decline In BTC?

If Bitcoin fails to rise above the $97,750 resistance zone, it could start another downside correction. Immediate support on the downside is near the $96,650 level. The first major support is near the $95,500 level and the 50% Fib retracement level of the upward move from the $93,398 swing low to the $97,650 high.

The next support is now near the $95,000 zone. Any more losses might send the price toward the $94,500 support in the near term. The main support sits at $93,200.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $96,650, followed by $95,500.

Major Resistance Levels – $97,750 and $98,000.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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