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Bitcoin price is steadily rising above the $95,000 zone. BTC is showing positive signs and could soon reach the $100,000 milestone level.
- Bitcoin started a new rise above the $95,000 zone.
- The price is trading above $95,000 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support at $95,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it breaks the $100,000 resistance zone.
Bitcoin price sets another ATH
Bitcoin price remained supported above the USD 92,000 level. BTC formed a base and started a new increase above the USD 95,000 level. It reached the $96,500 level and traded to a new high at $98,999 before a pullback occurred.
There was a move below the $98,000 level. However, the price held steady above the 23.6% Fib retracement level of the upward move from the $91,500 swing low to the $98,990 high. A major bullish trendline is also forming with support at $95,200 on the hourly chart of the BTC/USD pair.
The trendline is close to the 50% Fib retracement level of the upward move from the $91,500 swing low to the $98,990 high. Bitcoin price is now trading above $96,000 and the 100 hourly Simple Moving Average.
On the upside, the price could encounter resistance near the USD 98,880 level. The first major resistance is near the $99,000 level. A clear move above the USD 99,000 resistance could push the price higher. The next major resistance could be at $100,000.
A close above the $100,000 resistance could lead to more gains. In the said case, the price could rise and test the USD 102,000 resistance level. Any further gains could send the price towards the USD 104,500 resistance level.
Downward correction in BTC?
If Bitcoin fails to rise above the $100,000 resistance zone, a downward correction could occur. The immediate downside support is near the $98,000 level.
The first major support is near the $96,800 level. The next support is now near the $95,500 zone and the trendline. Any further losses could send the price towards the USD 92,000 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 96,800, followed by USD 95,500.
Major resistance levels – $99,000 and $100,000.
