Bitcoin price is recovering losses above the $95,000 zone. BTC is gaining momentum and could continue higher if it clears the $98,000 resistance zone.
- Bitcoin started a recent recovery above the $95,500 zone.
- The price is trading above $96,500 and the 100 hourly simple moving average.
- There is a connecting bullish trend line with support at $95,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may initiate another rally if it remains above the $95,000 support zone.
The price of Bitcoin continues to rise
The price of Bitcoin started a Upward decent Break above the $93,200 resistance zone. BTC was able to climb above the $94,200 and $95,000 resistance levels.
The price was able to overcome several hurdles near the $96,500 level. It also reached above $97,500. A high was made at $97,719 and price is now consolidating gains above the 23.6% Fib retracement level from the $92,588 swing low to $97,719 high.
There is also a bullish trend line connecting with support at $95,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $95,500 and 100 hourly simple moving average. The trend line is near the 50% Fib retracement level of the recent upside move from the $92,588 swing low to the $97,719 high.
On the upside, immediate resistance is near the $97,500 level. The first major resistance is near the $98,000 level. A clear move above the $98,000 resistance could send the price higher.
The next major resistance could be $98,800. A close above the $98,800 resistance could send the price higher. In the mentioned case, the price may rise and test the $99,500 resistance level. Another gain could send the price towards the $100,000 level.
Another drop in BTC?
If Bitcoin fails to break above the $98,000 resistance zone, it could start a new downtrend. Immediate support on the downside is near the $96,500 level.
The first major support is near the $95,000 level. The next support is now near the $94,550 zone. Any further losses could send the price towards the $93,200 support in the near term.
Technical Indicators:
Hourly MACD – MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Main support level – $96,500, followed by $95,500.
Key resistance levels – $97,500 and $98,000.
