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Bitcoin price is trying to hit a recovery wave above the $98,000 zone. BTC is rising and is now struggling to settle above the $100,000 zone.
- Bitcoin started a recovery wave above the $98,000 zone.
- The price is trading above USD 98,500 and the 100 hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $98,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise again if it remains above the $95,000 support zone.
Bitcoin Price Tests Hurdles at $100,000
Bitcoin price started a short-term recovery wave above the $95,000 zone. BTC was able to climb above the USD 96,500 and USD 97,200 levels.
The bulls managed to push the price above the key USD 98,000 mark. The price even reached $98,800. A high was reached at $100,731 and the price is now consolidating gains and well above the 23.6% Fib retracement level of the upward move from the $89,114 swing low to the $100,731 high.
A connecting bullish trendline is also forming with support at $98,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $98,800 and the 100 hourly Simple Moving Average.
On the upside, immediate resistance is around the $100,000 level. The first major resistance is around the $100,500 level. A clear move above the USD 100,500 resistance could push the price higher. The next major resistance could be at $104,000.
A close above the $104,000 resistance could send the price higher. In the said case, the price could rise and test the USD 106,000 resistance level. Any further gains could send the price towards the USD 108,500 level.
Downward correction in BTC?
If Bitcoin fails to rise above the $100,000 resistance zone, it could start a new decline. The immediate downside support is near the $98,000 level and the trendline. The first major support is near the $97,350 level.
The next support now lies near the $95,000 zone or the 50% Fib retracement level of the upward move from the $89,114 swing low to the $100,731 high. Any further losses could send the price towards the USD 93,200 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 98,000, followed by USD 97,350.
Major resistance levels – $100,000 and $100,500.