Bitcoin Surges Past $95,000, Bulls Eye $100,000
1min read Bitcoin, the world's largest cryptocurrency, has staged a remarkable comeback, surging with a positive bias towards key levels. The digital asset started a fresh increase from the $78,000 support zone, with analysts suggesting that a clear break above $95,000 is necessary for the bullish momentum to continue in the near term.
Bitcoin's price has been on an upward trajectory, with the cryptocurrency trading above $92,000 and the 100-hour Simple Moving Average. A connecting bullish trend line has formed with support at $89,750 on the hourly chart of the BTC/USD pair. However, if the price fails to stay above the $87,000 zone, it could start another decline.
Bitcoin's recent rally has been impressive, with the cryptocurrency extending losses below the $80,000 level before the bulls appeared. The digital asset traded as low as $78,011 and recently started a strong increase, moving above the $85,000 and $88,000 resistance levels. The price surged over 10% and cleared the $90,000 level, testing the $95,000 resistance. A high was formed at $95,000, and the price is now consolidating gains.
Analysts suggest that the next key resistance could be $96,500. A close above the $96,500 resistance might send the price further higher, potentially testing the $98,500 resistance level. Any more gains might send the price toward the $100,000 level or even $100,500.
However, if Bitcoin fails to rise above the $95,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $92,000 level, with the first major support near the $90,000 level. The next support is now near the $88,500 zone and the 50% Fib retracement level of the upward move from the $84,500 swing low to the $95,000 high. Any more losses might send the price 