Bitcoin (BTC/USD) continues its bullish march, trading at $92,499 with a 2.19% daily gain. The cryptocurrency appears to be consolidating below a critical resistance level of $93,478, suggesting that a breakout could be imminent.
The daily chart highlights Bitcoin’s strong uptrend, supported by the 20-day EMA (Exponential Moving Average) at $82,726 and the 50-day EMA at $74,592. Both moving averages confirm the prevailing bullish sentiment as they maintain a wide upward gap, signalling strong momentum.
Key Technical Levels to Watch
- Resistance Levels: The immediate resistance lies at $93,478. A decisive breakout above this level could propel BTC towards $96,000, a level last seen in late 2021.
- Support Levels: On the downside, Bitcoin finds solid support at $88,000, which coincides with a previous breakout zone. Further below, the 20-day EMA at $82,726 serves as a critical safety net for the bulls.
Bitcoin Price Forecast
With Bitcoin’s price firmly trading above both moving averages, the bullish trend is likely to persist. Momentum indicators such as RSI (not shown on the chart) would further validate the overbought or oversold conditions, but the overall outlook remains optimistic. If BTC breaks above $93,478, traders could expect a rally towards $96,000 and potentially $100,000 in the medium term.
However, failure to breach the resistance may trigger short-term profit-taking, pulling BTC back to the $88,000 support zone.
Conclusion
Bitcoin’s technical structure favours the bulls, but the $93,478 resistance level will be the key battleground for the next leg up. As BTC consolidates, traders should watch for a breakout or retracement to strategize their next move.
