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Breaking News: Is Sony The Next Crypto Bank? Tech Giant Applies For A National Charter In The US

Bitcoin Price Comeback: Can It Regain Ground?

Aayush Jindal
Aayush Jindal
9 months ago
2 mins read
Bitcoin Price Comeback

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Bitcoin price started a recovery wave above the $95,000 level. BTC might continue to rise if it clears the $100,00 resistance zone.

  • Bitcoin started a decent upward move above the $95,000 zone.
  • The price is trading above $95,000 and the 100 hourly Simple moving average.
  • There was a break above a key bearish trend line with resistance at $95,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start another increase if it stays above the $96,000 support zone.

Bitcoin Price Starts Recovery

Bitcoin price remained supported near $92,500 and started a recovery wave. BTC was able to climb above the $94,500 and $95,000 resistance levels.

There was a break above a key bearish trend line with resistance at $95,000 on the hourly chart of the BTC/USD pair. The pair cleared the $98,000 resistance level and traded close to the $100,000 resistance level. A high was formed at $99,400 and the price is now consolidating gains.

It declined a few points below the 23.6% Fib retracement level of the upward move from the $92,417 swing low to the $99,400 high. Bitcoin price is now trading above $95,000 and the 100 hourly Simple moving average.

On the upside, immediate resistance is near the $99,000 level. The first key resistance is near the $99,500 level or the recent high. A clear move above the $99,500 resistance might send the price higher. The next key resistance could be $100,000.

Bitcoin Price
Source: BTCUSD on TradingView.com

A close above the $100,000 resistance might send the price further higher. In the stated case, the price could rise and test the $102,500 resistance level. Any more gains might send the price toward the $104,000 level.

Another Decline In BTC?

If Bitcoin fails to rise above the $99,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $97,000 level.

The first major support is near the $96,000 level or the 50% Fib retracement level of the upward move from the $92,417 swing low to the $99,400 high. The next support is now near the $93,200 zone. Any more losses might send the price toward the $92,500 support in the near term.

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 – $97,000, followed by $96,000.

Major Resistance Levels – $99,000 and $100,000.

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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.

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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

Ad discliamer

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