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Bitcoin price is consolidating below the USD 100,000 resistance. BTC bulls could soon attempt to cross the said milestone and push the price further higher.
- Bitcoin started a new rise above the $96,500 zone.
- The price is trading below $98,000 and the 100 hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $98,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it breaks the $98,000 resistance zone.
Bitcoin price has more advantages
Bitcoin price remained supported above the USD 92,500 level. BTC formed a base and started a new increase above the USD 96,000 level. It reached the USD 97,500 level and traded to a new high at USD 99,650 before a pullback occurred.
There was a move below the $98,000 level. A low was formed at $95,973 and the price is now rising. There was a move above the $96,800 resistance level. The price reached the 50% Fib retracement level of the downward move from the $99,650 swing high to the $95,973 low.
Bitcoin price is now trading below $98,000 and the 100 Hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 98,000 level. A connecting bearish trendline is also forming with resistance at $98,000 on the hourly chart of the BTC/USD pair. The trendline is close to the 61.8% Fib retracement level of the downward move from the $99,650 swing high to the $95,973 low.
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 102,500 resistance level. Any further gains could send the price towards the $105,000 level.
Downward correction in BTC?
If Bitcoin fails to rise above the $98,000 resistance zone, a downward correction could occur. The immediate downside support is near the $96,800 level.
The first major support is near the $95,750 level. The next support is now near the $95,000 zone. 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 95,000.
Major resistance levels – $98,000 and $100,000.