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Bitcoin price is recovering higher above the USD 95,000 level. BTC is showing positive signs and is aiming for another surge above the USD 98,000 level.
- Bitcoin started a new rise above the $95,000 zone.
- The price is trading above $95,500 and the 100 hourly Simple Moving Average.
- There was a break above a short-term contractual triangle at resistance at $95,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it breaks the $97,000 resistance zone.
Bitcoin price has more advantages
Bitcoin price remained steady above the $93,500 zone. BTC formed a base and started a new rise above the USD 94,500 resistance zone. The bulls were able to push the price above the USD 95,500 resistance zone.
There was a break above a short-term contractual triangle with resistance at $95,500 on the hourly chart of the BTC/USD pair. The pair climbed above the 61.8% Fib retracement level of the downwave from the $98,880 swing high to the $90,735 low.
Bitcoin price is now trading above $95,500 and the 100 hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 97,000 level. It is close to the 76.4% Fib retracement level of the downward wave from the $98,880 swing high to the $90,735 low.
The first major resistance is around the $98,500 level. A clear move above the USD 98,500 resistance could push the price higher. The next major resistance could be at USD 98,800. A close above the resistance at $98,800 could lead to more gains. In the said case, the price could rise and test the USD 100,000 resistance level. Any further gains could send the price towards the $102,000 level.
Another drop in BTC?
If Bitcoin fails to rise above the $97,000 resistance zone, it could trigger another downside correction. The immediate downside support is near the USD 95,500 level.
The first major support is near the $94,500 level. The next support is now near the $93,200 zone. Any further losses could send the price towards the USD 91,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 95,500, followed by USD 94,500.
Major resistance levels – $97,000 and $98,800.