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Bitcoin price recovers losses above the $100,000 zone. BTC is showing positive signs and could continue higher if it breaks the USD 102,500 resistance zone.
- Bitcoin started a decent rise above the $98,800 zone.
- The price is trading above $100,000 and the 100 hourly Simple Moving Average.
- A short-term bullish trendline is forming with support at $99,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise again if it remains above the $98,500 support zone.
Bitcoin price reclaims $100,000
Bitcoin price started a decent upward move above the USD 96,500 resistance zone. BTC was able to climb above the USD 97,200 and USD 98,800 resistance levels.
The price managed to clear many hurdles near the $100,000 level. It even peaked above $102,000. A high was reached at $102,479 and the price is now consolidating gains above the 23.6% Fib retracement level from the recent upward move from the $97,251 swing low to the $102,479 high.
A short-term bullish trendline is also forming with support at $99,800 on the hourly chart of the BTC/USD pair. The trendline is close to the 50% Fib retracement level of the recent upward move from the $97,251 swing low to the $102,479 high.
Bitcoin price is now trading above $100,500 and the 100 hourly Simple Moving Average. On the upside, immediate resistance is around the $102,500 level. The first major resistance is near the $103,200 level. A clear move above the USD 103,200 resistance could push the price higher.
The next major resistance could be at $104,500. A close above the $105,000 resistance could send the price higher. In the said case, the price could rise and test the USD 106,500 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 102,500 resistance zone, it could start a new decline. The immediate downside support is near the $101,250 level.
The first major support is near the $100,000 level. The next support is now near the $98,550 zone. Any further losses could send the price towards the USD 96,500 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 – $101,250, followed by $100,000.
Major resistance levels – $102,500 and $103,200.