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Bitcoin price is recovering higher above the USD 94,000 level. BTC is consolidating and aiming for another surge above the USD 97,000 level.
- Bitcoin started a new increase from the $91,000 zone.
- The price is trading above $95,000 and the 100 hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $95,750 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 recovers losses
Bitcoin price found support near the $91,000 zone. BTC formed a base and started a new rise above the USD 93,500 resistance zone. The bulls were able to push the price above the USD 95,000 resistance zone.
The price surpassed the 50% Fib retracement level of the downward move from the $98,880 swing high to the $90,735 low. A connecting bullish trendline is also forming with support at $95,750 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $95,000 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 move from the $98,880 swing high to the $90,735 low.
The first major resistance is around the $98,000 level. A clear move above the USD 98,000 resistance could push the price higher. The next major resistance could be at USD 99,200. A close above the resistance at $99,200 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 95,750 level.
The first major support is near the $95,000 level. The next support is now near the $93,000 zone. Any further losses could send the price towards the $91,000 support in the near 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 95,750, followed by USD 95,000.
Major resistance levels – $97,000 and $98,000.