TLDR

Bitcoin is showing strength above $95,000 with technical indicators suggesting potential move toward $98,000-$100,000
Key resistance levels identified at $97,000 and $98,800, with support at $95,500 and $94,500
Charles Hoskinson predicts Bitcoin could reach $250,000-$500,000 in next 12-24 months
Institutional inflows and DeFi integration cited as major growth drivers
Bitcoin has risen 33% in the past month amid growing institutional interest

Bitcoin continues its upward trajectory, maintaining strength above the $95,000 level as market participants eye the psychological $100,000 mark. The leading cryptocurrency has shown remarkable stability in recent trading sessions, forming a solid base above $93,500.

Technical analysis reveals a breakout from a contracting triangle pattern on the hourly chart, with the price successfully clearing the $95,500 resistance zone. This move has been accompanied by steady trading volume, suggesting genuine buyer interest at current levels.

The cryptocurrency’s price action shows it trading comfortably above both $95,500 and the 100-hour Simple Moving Average, indicating healthy market structure. These technical developments have created a foundation for potential further advances.

Market data indicates strong buying pressure at current levels, with Bitcoin managing to reclaim ground above the 61.8% Fibonacci retracement level. This level marks the correction from the recent swing high of $98,880 to the low of $90,735.

The immediate price action suggests bulls are in control, though resistance levels remain ahead. The $97,000 price point represents the first major hurdle, coinciding with the 76.4% Fibonacci retracement level of the recent downward movement.

Charles Hoskinson, founder of Cardano, has shared his bullish outlook for Bitcoin’s future. In a recent YouTube live session, Hoskinson projected that Bitcoin could reach between $250,000 and $500,000 within the next two years, citing increased institutional participation and market inflows as key drivers.

Trading data shows Bitcoin has appreciated approximately 33% over the past month, reflecting growing confidence in the market. This move has been supported by sustained trading volume and institutional interest.

The technical structure suggests $98,500 represents another key resistance level that bulls need to overcome. A decisive move above this point could open the path toward the $100,000 milestone, with $98,800 serving as an intermediate resistance level.

Market analysts note that support levels have been established at $95,500 and $94,500, providing a cushion for any potential retracements. These levels have shown strong buying interest during recent price dips.

The hourly MACD indicator has entered positive territory, suggesting momentum favors the upside. Additionally, the Relative Strength Index (RSI) remains above the 50 level, indicating healthy market conditions.

Bitcoin Price on CoinGecko

Hoskinson emphasized Bitcoin’s role as a store of value on the internet, highlighting its potential integration with decentralized finance (DeFi) systems. This development could expand Bitcoin’s utility within the broader cryptocurrency ecosystem.

Trading volumes indicate sustained market interest, with bilateral price action showing both buyers and sellers actively participating at current levels. The market structure suggests accumulated buying pressure below current prices.

Recent price action has demonstrated Bitcoin’s ability to maintain stability above key support levels, even in the face of routine market fluctuations. This behavior has contributed to growing confidence among market participants.

Should Bitcoin encounter selling pressure, the $93,200 zone represents additional support. Below this, $91,500 marks another key level where buyers might emerge. However, current market conditions suggest limited downside risk.

The most recent price data shows Bitcoin trading above $95,500, maintaining its position above key moving averages and technical indicators as market participants await the next decisive move.

The post Bitcoin (BTC) Price Forms Strong Base Above $95,000 as Bulls Target New Highs appeared first on Blockonomi.

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Filed under: Bitcoin - @ November 29, 2024 10:20 am