Bitcoin (BTC) Price Continues to Recover, Targeting $100,000

Bitcoin continues to pick up steam in the cryptocurrency market, showing signs of a steady recovery above the key $95,000 barrier.

Key Takeaways:

– Bitcoin price is now rising above the crucial $95,000 level, indicating a potential recovery.

– If BTC manages to clear the $98,000 resistance zone, it could continue its bullish trajectory.

– Crucial resistance levels are at $98,000 and possibly $98,800. Clearing these could propel Bitcoin towards the $100,000 mark.

– Bitcoin needs to maintain breaks above the $95,000 and $96,500 regions to continue the bullish trend.

Bitcoin price shows no signs of slowing down and continues to pick up steam in the cryptocurrency market. BTC price is displaying signs of a steady recovery as it manages to stay afloat above the key $95,000 barrier.

A closer look at the BTC/USD 4-hour chart from the renowned Investing.com platform reveals the following key takeaways.

Bitcoin price started building momentum on Monday, March 20, as it managed to trade above the $96,500 mark. BTC price also managed to maintain a stronghold above the 100 hourly Simple moving average (SMA) to continue its bullish trend.

Bitcoin price managed to sidestep numerous stumbling blocks, particularly at the $96,500 level, and even spiking up to $97,500 as it attempted to break through the resistance levels.

Bitcoin price appears to be staying strong above a supportive trend line, much to the delight of Bitcoin investors and supporters. This upward trend is evident on the hourly chart of the BTC/USD pair, connecting with the optimistic value of $95,000. Further consolidation may offer more stability for gain, especially above the 23.6% Fib retracement level.

Bitcoin price now faces immediate resistance at around the $97,500 level. If BTC manages to clear the existing resistance and reach the $98,000 threshold, this development could potentially trigger a further increase in value.

Being able to breach this resistance holds significant implications for Bitcoin, setting the stage for achieving the next resistance of $98,800.

Beyond the $98,800 resistance, Bitcoin could aim even higher. If the digital currency stays resilient in its recovery and manages to close above this elevated resistance, the price could further inflate.

Under such circumstances, Bitcoin could potentially edge closer towards challenging the coveted $99,500 resistance level. With sustained gains and breaks, this upward push might even catapult the Bitcoin price towards the elusive $100,000 milestone.

Despite the optimistic trend, the Bitcoin market could face possible roadblocks in its path. If the digital coin fails to crack the $98,000 resistance sector, a new decline could be initiated.

In the bearish scenario, the immediate support on the downside exists near the $96,500 mark.

Bitcoin’s journey would have to face major support around the $95,000 level if the value drops below the immediate support region. The next support sits near the $94,550 zone.

The digital currency needs to remain above these supports to avoid any further stumbling. Any additional decreases may set Bitcoin on a downhill ride towards the $93,200 sector in the near term.

Investors and traders are closely monitoring Bitcoin price as it attempts to break through the resistance levels and continue its bullish trend.

If BTC manages to clear the $98,000 resistance zone and continue rising, it could set the stage for an exciting week in the cryptocurrency market.