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Bitcoin price recovers losses above the $95,000 zone. BTC is gaining speed and could continue higher if it breaks the USD 98,000 resistance zone.
- Bitcoin started a new recovery above the $95,500 zone.
- The price is trading above USD 96,500 and the 100 hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $95,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise again if it remains above the $95,000 support zone.
Bitcoin price continues to recover
Bitcoin price started a decent upward move above the USD 93,200 resistance zone. BTC was able to climb above the USD 94,200 and USD 95,000 resistance levels.
The price was able to overcome many hurdles around the $96,500 level. It even peaked above $97,500. A high was reached at $97,719 and the price is now consolidating gains above the 23.6% Fib retracement level from the recent upward move from the $92,588 swing low to the $97,719 high.
A connecting bullish trendline is also forming with support at $95,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $95,500 and the 100 hourly Simple Moving Average. The trendline is near the 50% Fib retracement level of the recent upward move from the $92,588 swing low to the $97,719 high.
On the upside, immediate resistance is around the $97,500 level. The first major resistance is around the $98,000 level. A clear move above the USD 98,000 resistance could push the price higher.
The next major resistance could be at USD 98,800. A close above the USD 98,800 resistance could send the price rising further. In the said case, the price could rise and test the USD 99,500 resistance level. Any further gains could send the price towards the $100,000 level.
Another drop in BTC?
If Bitcoin fails to rise above the USD 98,000 resistance zone, it could start a new decline. The immediate downside support is near the USD 96,500 level.
The first major support is near the $95,000 level. The next support is now near the $94,550 zone. Any further losses could send the price towards the USD 93,200 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 96,500, followed by USD 95,500.
Major resistance levels – $97,500 and $98,000.