Bitcoin Bounces from $83K Support, Targets $88K and $98K
Bitcoin price found key support near the 0.382 Fibonacci retracement level at $83,000, prompting a rebound that could see the leading cryptocurrency challenge resistance levels at $88,000 and $98,000. Technical analysis shows strengthening momentum, with the RSI turning bullish and moving averages aligned upward. Traders are watching for volume confirmation above $85,000 to validate this recovery and set their price targets accordingly. Should Bitcoin surpass the $88,000 resistance, it may extend gains toward $98,000, reinforcing a bullish outlook. Conversely, a failure to sustain above $88,000 could trigger a retest of the $83,000 support zone, making risk management essential.
Bullish
The rebound from the key $83,000 Fibonacci retracement level suggests that bullish pressure remains strong for Bitcoin, with technical indicators like the RSI and moving averages turning positive. Historically, rebounds from significant Fibonacci supports have led to substantial upside moves, as seen in the 2021 and 2023 rallies. If Bitcoin breaks through the $88,000 resistance with firm volume, traders may target the next hurdle at $98,000, reinforcing bullish sentiment in both the near and medium term. However, failure to hold above $88,000 could lead to a test of the support zone around $83,000, so risk management remains crucial.