Bitcoin price started a fresh increase from the $78,000 support zone. BTC must clear $95,000 to continue higher in the near term.

• Bitcoin started a fresh increase above the $90,000 resistance zone.
• The price is trading above $92,000 and the 100 hourly Simple moving average.
• There is a connecting bullish trend line forming with support at $89,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another decline if it fails to stay above the $87,000 zone.

Bitcoin Price Rallies Over 10K

Bitcoin price extended losses below the $80,000 level before the bulls appeared. BTC traded as low as $78,011 and recently started a strong increase. There was a move above the $85,000 and $88,000 resistance levels.

The price surged over 10% and cleared the $90,000 level. It tested the $95,000 resistance. A high was formed at $95,000 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $84,500 swing low to the $95,000 high.

Bitcoin price is now trading above $92,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $89,750 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $94,000 level. The first key resistance is near the $95,000 level.

The next key resistance could be $96,500. A close above the $96,500 resistance might send the price further higher. In the stated case, the price could rise and test the $98,500 resistance level. Any more gains might send the price toward the $100,000 level or even $100,500.

Are Dips Supported In BTC?

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. The first major support is 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 toward the $87,000 support in the near term. The main support sits at $85,500.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $92,000, followed by $90,000.

Major Resistance Levels – $94,000 and $95,000.

Bitcoin has surged 8% in the last 24 hours, recovering from last month’s losses. Now trading at $93,202, it is attempting to establish $93,625 as support. This sharp rebound has reignited bullish sentiment, but caution is advised. 

While Bitcoin gains strength, traders and market trends remain at odds, increasing volatility risks.  

Bitcoin Sentiment-Driven Trades Are Risky

Santiment data highlights a recurring trend—traders often misjudge Bitcoin’s price movements. When traders expect a rally, the market tends to decline. Conversely, when they anticipate a drop, Bitcoin often surprises with an uptrend. This pattern suggests the market’s unpredictability remains high, making sentiment-driven trades risky.  

Investors should closely monitor volatility as Bitcoin aims to break $100,000. Historically, contrarian strategies have worked better than following trader sentiment. With uncertainty prevailing, market participants may consider doing the opposite of prevailing opinions to navigate the current conditions effectively.  

Bitcoin’s dominance at 60.74% is forming a fractal similar to 2020-2021, when it surged sharply before declining. A similar trend is emerging, suggesting historical patterns could repeat. Bitcoin’s price has, on a few occasions, shown signs of recovery during periods of declining dominance, though the strength and sustainability of such moves depend on broader market conditions.

As dominance declines, altcoins gain traction, but Bitcoin often benefits in the long run. The current market structure reflects a transition phase, where BTC could see further upside. If this fractal holds, Bitcoin’s recent price surge may continue, reinforcing positive momentum.  

BTC Price Needs To Secure Support

Bitcoin’s 8% rise has pushed its price to $93,202. If BTC holds $93,625 as support, a further upside of $97,696 becomes likely. Securing this level would enhance bullish momentum, reinforcing Bitcoin’s recovery.  

Flipping the 50-day EMA into support is critical for sustaining gains. This move would erase February’s losses and establish a foundation for further appreciation. Maintaining this trajectory could position Bitcoin for a retest of higher resistance zones.  

However, failure to hold above $95,761 could invalidate bullish momentum, leading to a drop toward $92,005. Losing this key level may trigger additional declines, weakening Bitcoin’s upward trajectory.

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