Bitcoin price started a new rise above $96,000. BTC corrects some gains and could drop to $94,000 before another surge occurs.
- Bitcoin started a decent rise above $95,000 and $96,000.
- The price is trading above $95,000 and the 100 hourly Simple Moving Average.
- A descending channel or possible bullish flag is developing with resistance at $96,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it remains above the $95,000 zone.
Bitcoin price falls and corrects some gains
Bitcoin price managed to stay above the USD 93,500 support and started a new increase. BTC was able to settle above $95,000 and $95,500.
The bulls managed to push the price above $96,000. Ultimately, the price peaked above $97,500. It reached a high at $97,898, and the price is now correcting some gains. There was a move below the 23.6% Fib retracement level of the recent wave, from the $89,995 swing low to the $97,898 high.
Bitcoin is now trading above $95,000 and the 100 hourly Simple Moving Average. If the price remains stable above $95,000, another increase can be attempted. The immediate resistance is near the $96,000 level. The first major resistance is near the $96,200 level. There is also a descending channel or possible bullish flag with resistance at $96,200 on the hourly chart of the BTC/USD pair.
The next resistance could be $97,000. A close above the USD 97,000 resistance could send the price rising further. In the mentioned case, the price could rise and test the USD 97,800 resistance. Any further gains could send the price towards the USD 98,800 level. The next barrier for the bulls could be $99,200 and $100,000.
Disadvantage of continuation in BTC?
If Bitcoin fails to rise above the USD 96,200 resistance zone, it could trigger another decline. Immediate support is approaching the $95,000 level. The first major support is near the $94,000 level and the 50% Fib retracement level of the recent wave from the $89,995 swing low to the $97,898 high.
The next support is now near the $93,000 zone. Any further losses could send the price towards the USD 91,850 support in the near term. The key support is at $91,500, below which BTC could potentially accelerate lower in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 95,000, followed by USD 94,000.
Major resistance levels – $96,200 and $97,000.