Bitcoin Breaks Resistance, Eyes $100K

Bitcoin price has been on a recovery path, climbing above the $94,500 zone and currently trading within a tight range. The cryptocurrency has shown signs of strength, breaking above key resistance levels and a bearish trend line. However, it remains stuck in a narrow price range, with resistance levels at $96,800 and $98,000.

Bitcoin's recent price action has seen it form a base above the $93,500 level and start a recovery wave. The cryptocurrency has surpassed resistance levels at $94,000 and $94,200, and even broke above a key bearish trend line with resistance at $96,700. Currently, Bitcoin is trading above $96,200 and the 100-hour Simple Moving Average (SMA).

On the upside, immediate resistance for Bitcoin is near the $96,800 level or the 61.8% Fib retracement level of the downward move from the $98,825 swing high to the $93,288 low. The first key resistance is near the $97,200 level, with the next key resistance at $98,000. A close above the $98,000 resistance could send the price further higher, potentially testing the $98,800 resistance level and even reaching the $99,500 level or $100,000.

However, if Bitcoin fails to rise above the $97,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $96,100 level, with the first major support at $96,000. The next support is near the $95,500 zone, and any more losses might send the price toward the $94,200 support in the near term. The main support sits at $93,400.

Technical indicators suggest that the Hourly MACD is gaining pace in the bullish zone, while the RSI for BTC/USD is above the 50 level. Major support levels are at $96,100 and $96,000, with major