Bitcoin continues to show resilience, trading within an ascending channel on the 4-hour chart, with price currently holding near the $97,088 level after a notable upward move from late April.
The cryptocurrency has been respecting the upper boundaries of this channel formation, suggesting sustained bullish momentum in the near term.
Bitcoin has maintained its position above the critical $96,377 level (the 0 Fibonacci retracement), which has been acting as a strong support zone since breaking above it in late April.
Bitcoin Upside Targets
The Fibonacci levels above current price action show potential resistance at 0.382 ($98,122), 0.5 ($98,661), 0.618 ($99,200), and 0.764 ($99,867), with the 1.0 level at $100,945 representing a significant psychological barrier.
The recent price action has formed a series of higher lows and higher highs within the ascending channel, confirming the bullish bias. However, traders should note the slight consolidation pattern forming near current levels, which could signal a brief pause before the next directional move.
The 100 SMA is positioned well below the current price and appears to be sloping upward, acting as dynamic support around the $94,500 region. This alignment of the moving average with the lower boundary of the ascending channel creates a confluence zone that could attract buyers on any pullbacks.
Bitcoin Technical Outlook
The stochastic oscillator is showing early signs of turning upward after a recent dip, suggesting that buying momentum might be returning. Although not quite in oversold territory, the stochastic’s positioning indicates that there’s still room for buyers to push prices higher before reaching overbought conditions.
Lower time frame analysis of the MACD (Moving Average Convergence Divergence) indicator shows positive momentum with the blue line positioning above the signal line and the histogram bars in positive territory. This alignment typically confirms the bullish sentiment visible in the price action.
Volume analysis shows increased trading activity during the recent bullish moves, providing validation for the uptrend. The consistent volume profile during upward price movements suggests genuine buyer interest rather than artificial price manipulation.
From a broader perspective, Bitcoin remains within a long-term uptrend that began in 2023, with the current ascending channel representing just one segment of this larger bullish structure. The ability of BTC to maintain levels above $96,000 confirms that buyers remain in control of the market dynamics.
If Bitcoin can overcome the immediate Fibonacci resistance at 0.382 ($98,122), we could see acceleration toward the psychologically important $100,000 mark, potentially reaching the 1.0 Fibonacci level at $100,945. Conversely, a breakdown below the 0 Fibonacci level at $96,377 could trigger a correction toward the lower boundary of the ascending channel near $94,000.
Traders should remain vigilant regarding increased volatility as Bitcoin approaches the $100,000 milestone, as this significant psychological level is likely to attract both profit-taking and fresh demand. Changes in overall market sentiment stemming from global trade headlines, geopolitical tensions and US economic data could continue to influence crypto trends.
