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Bitcoin Price Turns Higher — Relief Rally Follows Reduction In Global Risk
Bitcoin price embarked on a notable ascent from the $98,250 threshold, marking a robust recovery in the market. Currently, BTC is consolidating with potential targets set above the $106,500 resistance level. This resurgence was catalyzed by news of a ceasefire, which significantly reduced global risk, prompting investors to pivot back towards the digital asset.
From a technical standpoint, Bitcoin demonstrated strength as it breached a key bearish trend line at the $101,500 resistance on the hourly chart of the BTC/USD pair, according to data from Kraken. Maintaining above the $102,500 mark could spur further increases.
The momentum gained traction as Bitcoin surpassed the $102,000 and $103,200 levels, clearing the 61.8% Fibonacci retracement level of the recent dip from a high of $106,470 to a low of $98,277. The cryptocurrency almost touched the $106,000 mark and is now trading above the $104,000 level along with the 100 hourly Simple Moving Average (SMA). It also scaled above the 76.4% Fib retracement level of the same downward movement.
Looking upwards, Bitcoin faces immediate resistance around the $106,000 mark. A decisive breakout above the $106,500 could potentially elevate the price towards the $108,000 and even the $110,000 thresholds.
Conversely, should Bitcoin struggle to surpass the $106,000 resistance, a downward correction might be imminent. Immediate support lies near $104,000, followed by major support at $103,500. A further slip could drive prices down towards the $102,500 zone and, in a more substantial pullback, to the crucial $100,000 support level.
Technical indicators shed additional light on the current market dynamics. The Hourly MACD is slightly losing momentum in the bullish zone, whereas the Hourly RSI (Relative Strength Index) remains above the 50 level, hinting at continued buying interest.
In summary, Bitcoin’s recent price movements suggest a tentative optimism among traders, buoyed by easing global tensions. Investors and traders should monitor resistance and support levels closely, as these will likely dictate the direction of BTC’s next significant move.
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