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Bitcoin price is recovering higher above the $96,000 level. BTC is showing positive signs and aims for a fresh increase above the $98,800 level.
- Bitcoin started a fresh increase above the $96,000 zone.
- The price is trading above $96,500 and the 100 hourly Simple moving average.
- There was a break above a short-term bearish trend line with resistance at $96,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it clears the $98,000 resistance zone.
Bitcoin Price Eyes Key Upside Break
Bitcoin price remained stable above the $94,500 zone. BTC formed a base and started a fresh increase above the $95,000 resistance zone. The bulls were able to push the price above the $96,000 resistance zone.
There was a break above a short-term bearish trend line with resistance at $96,400 on the hourly chart of the BTC/USD pair. The pair climbed above the 61.8% Fib retracement level of the downward move from the $98,670 swing high to the $95,754 low.
Bitcoin price is now trading above $96,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $98,000 level. It is near the 76.4% Fib retracement level of the downward move from the $98,670 swing high to the $95,754 low.
The first key resistance is near the $98,800 level. A clear move above the $98,800 resistance might send the price higher. The next key resistance could be $99,200. A close above the $99,200 resistance might initiate more gains. In the stated case, the price could rise and test the $100,000 resistance level. Any more gains might send the price toward the $102,000 level in the coming sessions.
Another Drop In BTC?
If Bitcoin fails to rise above the $98,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $97,200 level.
The first major support is near the $96,500 level. The next support is now near the $95,000 zone. Any more losses might send the price toward the $93,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $96,500, followed by $95,000.
Major Resistance Levels – $98,000, and $98,800.
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