Bitcoin price is recovering losses above the $98,000 zone. BTC is gaining momentum and could continue higher if it clears the $100,000 resistance zone.
- Bitcoin started a recent recovery above the $97,500 zone.
- The price is trading above $97,800 and the 100 hourly simple moving average.
- There is a connecting bullish trend line with support at $97,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may initiate another rally if it stays above the $97,500 support zone.
The price of Bitcoin continues to rise
Bitcoin price started a decent upward move $95,500 resistance zone. BTC was able to climb above the $96,200 and $97,000 resistance levels.
The price was able to overcome several hurdles near the $98,500 level. It also reached above $99,500. A high was made at $99.739 and the price is now strengthening benefit Above the 23.6% Fib retracement level of the recent upside move from the $97,250 swing low to the $99,793 high.
There is also a connecting bullish trend line with support at $97,800 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $97,500 and above the 100 hourly simple moving average. The trend line is near the 76.4% Fib retracement level of the recent upside move from the $97,250 swing low to the $99,793 high.
On the upside, immediate resistance is near the $99,800 level. The first major resistance is near the $100,000 level. A clear move above the $100,000 resistance could send the price higher.
The next major resistance could be $102,500. A close above the $102,500 resistance could send the price higher. In the mentioned case, the price may rise and test the $105,00 resistance level. Any further gains could send the price towards the $108,000 level.
Another drop in BTC?
If Bitcoin fails to break above the $100,000 resistance zone, it could start a new downtrend. Immediate support on the downside is near the $98,500 level.
The first major support is near the $97,800 level. The next support is now near the $96,550 zone. Any further losses could send the price towards the $95,000 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 – $98,500, followed by $96,550.
Key resistance levels – $99,800 and $100,000.
