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bitcoin price is recovering above the $96,000 level. btc is showing positive signs and is aiming for a fresh rise above the $98,800 level.
- bitcoin started a new rise above the $96,000 area.
- 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 breaks the $98,000 resistance zone.
bitcoin Price Eyes Key Bullish Breakout
bitcoin price remained stable above the $94,500 area. btc formed a base and started a new rise 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 rose above the 61.8% Fibonacci retracement level of the downward move from the high of $98.670 to the low of $95.754.
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 close to the 76.4% Fib retracement level of the downside move from the high of $98,670 to the low of $95,754.
The first key resistance is near the $98,800 level. A clear move above the $98,800 resistance could push the price higher. The next key resistance could be $99,200. A close above the $99,200 resistance could initiate further gains. In the given case, the price could rise and test the $100,000 resistance level. Any further gains could send the price towards the $102,000 level in the coming sessions.
Another drop in btc?
If bitcoin fails to break above the $98,000 resistance zone, it could start another downward correction. Immediate downside support 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 area. Any further losses could send the price towards the $93,500 support in the near term.
Technical indicators:
MACD Hourly: 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.
Main support levels: $96,500, followed by $95,000.
Main resistance levels: $98,000 and $98,800.
