- Bitcoin surged past $98,500, reaching $98,725 before consolidating, with key support at $97,600 and resistance at $98,800.
- A breakout above $99,500 could propel BTC toward $100K–$102K while dropping below $94K risks testing $90K.
- Bitcoin’s open interest rose 4.25%, with the Fear & Greed Index shifting to “Greed,” signaling bullish momentum.
Bitcoin price established a strong base above $94,500 and initiated a recovery wave. The cryptocurrency surpassed key resistance levels at $95,000 and $96,400, gaining further momentum. A significant move above $97,700 reinforced bullish sentiment, pushing BTC past $98,500. The price reached a high of $98,725 before consolidating gains.
Bitcoin remains steady above the 23.6% Fibonacci retracement level, from the $93,370 swing low to the recent peak. BTC holds above $97,200 and the 100-hourly simple moving average. A recent tweet by Rekt Capital suggests that a daily close above $97,700, followed by a successful retest, could confirm an upward price continuation.
Bitcoin Faces Key Resistance at $99,500
On the upside, Bitcoin faces immediate resistance at $98,400, followed by a crucial hurdle at $98,800. A successful break above $99,500 could trigger a rally towards the psychological $100,000 level. Further gains may extend Bitcoin’s ascent to $100,500 or even $102,000, depending on the broader market conditions and buying strength.
Bitcoin’s daily chart indicates price action stabilizing between $96,000 and $98,000, following a 10.3% decline from its January 20 all-time high. The macro trend remains in a pullback phase, with primary resistance at $109,356 and support at $89,164. Holding above $96,000 may validate a bullish reversal towards $102K–$105K, while dropping below $94,000 could trigger a retest of $90,000.
Bitcoin Open Interest Surges 4.25%
BTC’s open interest surged by 4.25%, signaling heightened market activity. Interestingly, more traders are shorting BTC than going long, as indicated by the long/short ratio. Meanwhile, the Crypto Fear & Greed Index flipped from “Neutral” to “Greed,” reflecting improving investor confidence and potential bullish continuation.
The 4-hour chart highlights BTC rebounding from the $93,340 support level, with buying volume spikes confirming renewed interest. BTC now faces strong resistance at $98,871. A decisive break above this level could accelerate gains toward $100,000, while rejection might force a pullback to the $94,000–$95,000 region, emphasizing $98,800 as a key price threshold.
Intraday traders monitor the 1-hour chart, where BTC maintains a steady uptrend after retesting $93,340. Currently, BTC is on a steady uptrend. The $98,058 mark still remains a critical resistance level. Any breach here could open for a surge toward $99,500. Short-term traders would consider trading around $97,800 with targets of $99,000 and $100,000. Movements below $98,000 could result in bears targeting $96,500.
The bullish movement in Bitcoin’s price is accompanied by rising trade volume, whereas volatility remains a risk. Investors are watching key levels closely for spotting a breakout. The next few sessions will determine Bitcoin’s near-term price action.
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