Bitcoin price recovered losses and climbed above $95,000. BTC is now consolidating and facing hurdles near the USD 101,250 resistance zone.
- Bitcoin started a new rise after falling towards the $90,000 zone.
- The price is trading below $100,000 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support at $99,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could regain strength if it closes above the $101,250 resistance zone.
Bitcoin price provides important support
Bitcoin price started to rise again above the USD 95,500 resistance zone. BTC was able to break the USD 96,500 and USD 98,000 resistance levels.
The bulls were able to push the price above the 61.8% Fib retracement level of the downwave, from the $104,015 swing high to the $91,800 low. However, the bears seem to be active above the USD 101,000 level. They protected a close above the $102,000 level.
The price struggled to get above the 76.4% Fib retracement level of the downward wave from the $104,015 swing high to the $91,800 low.
Bitcoin price is now trading below $100,500 and the 100 hourly Simple Moving Average. A major bullish trendline is also forming with support at $99,000 on the hourly chart of the BTC/USD pair.
On the upside, the price could encounter resistance around the $100,000 level. The first major resistance is around the $101,250 level. A clear move above the USD 101,250 resistance could push the price higher. The next major resistance could be at $102,000.
A close above the $102,000 resistance could send the price higher. In the said case, the price could rise and test the USD 104,200 resistance level. Any further gains could send the price towards the $108,000 level.
Another drop in BTC?
If Bitcoin fails to rise above the USD 101,250 resistance zone, it could trigger another downside correction. The immediate downside support is near the $99,000 level and the trendline.
The first major support is near the $97,800 level. The next support is now near the $96,000 zone. Any further losses could send the price towards the $95,000 support in the short 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 99,000, followed by USD 97,800.
Major resistance levels – $100,000 and $101,250.