Bitcoin price started an upside correction from the $80,000 support. BTC is up 10% and now faces key hurdles near $95,000 and $96,500.
Bitcoin Price Starts Recovery Above $90K
In the past few days, Bitcoin price saw a fresh decline below the $95,000 pivot zone. BTC traded below the main support at $90,000 to enter a bearish zone. The price even dived below the $82,000 support zone.
Finally, the bulls appeared near $78,600. A low was formed at $78,617 and the price recently started a strong recovery wave after Trump announced US strategic reserve of cryptocurrencies including Bitcoin, ETH, ADA, XRP, and SOL.
Bitcoin price is up over 10% and there was a move above the $92,000 resistance. The price spiked above the 50% Fib retracement level of the downward move from the $109,590 swing high to the $78,617 low.
However, BTC is now approaching a couple of major hurdles and it is still well below the 50-day simple moving average (blue). On the upside, immediate resistance is near the $94,200 level. The first major resistance is seen near the same triangle and $95,000.
There is also a major bearish trend line forming with resistance at $96,000 on the daily chart. A close above the $96,000 resistance might spark more upsides.
The next stop BTC price could be the $97,750 level and the 50-day simple moving average (blue). It is close to the 61.8% Fib retracement level of the downward move from the $109,590 swing high to the $78,617 low, above which the price could attempt to clear the $100,000 level.
A daily close above the $100,000 resistance zone could set the pace for a move toward the next key resistance at $102,250. Any more gains might call for a test of $105,000 or even $108,000 in the coming days.
Another Drop In BTC?
Conversely, Bitcoin price might struggle to clear $95,000 or $96,000 and start another decline. Immediate support on the downside is near the $91,500 level.
The first major support is near the $90,000 level. A downside break and close below the $90,000 support might spark more losses and the price could accelerate lower. In the stated case, Bitcoin could test the $85,500 support. The next key support could be $80,000, below which BTC might slide toward the $73,500 support.
Overall, Bitcoin is rising and showing positive signs above the $90,000 level. However, the bulls must be cautious as a break above the $96,000 resistance could only increase the chances of a steady increase.
