1. Current price performance
- Current price: $96,878 with a 2.24% increase over the past 24 hours, and a notable rise in the last 12 hours supported by strong buying momentum.
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2. Key drivers of the movement
- Economic factors: The effect of a 0.3% contraction in U.S. GDP on increasing demand for Bitcoin as a safe haven, contributing to surpassing the $95,000 level.
- Institutional flows: Net inflows of $381 million into Bitcoin funds listed in the U.S., boosting confidence in the asset.
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3. Key technical analysis
- Moving averages:
- The price is trading above the 50-day moving average (EMA 50) at $95,324, indicating the continuation of the upward trend.
- Breaking the 200-day moving average, supporting the long-term bullish outlook.
- Technical indicators:
- RSI (14): at 62.33, indicating bullish momentum without reaching the overbought territory.
- MACD: Bullish crossover between the lines, confirming the continuation of positive momentum.
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4. Support and resistance zones
- Near support:
- $93,700 (strong dynamic support).
- $92,700 (institutional demand area).
- Near Resistance:
- $97,000 (psychological level).
- $98,300 (Fibonacci extension 0.618).
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5. Potential scenarios
- Bullish scenario:
- If breaking $97,400, Bitcoin may target $98,300 then $100,000 as a major psychological target.
- Bearish scenario:
- A break below $93,000 could lead to a correction towards $90,300 (major support).
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6. Strategic recommendations
- Buying: Preferred after confirming a break above $97,400 with targets at $98,300, with a stop loss below $95,000.
- Caution: Monitor the RSI indicator to avoid overbought conditions, and watch for monetary policy news from the Fed that may affect volatility.
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Summary:
Over the past 12 hours, Bitcoin has maintained its bullish momentum backed by positive economic factors and technical indicators. However, volatility remains high, necessitating monitoring of key support and resistance levels for informed decision-making.#BTCRebound