Bitcoin Price At Crossroads: Will It Stabilize and Surge Again?
Bitcoin price recovered losses and climbed above $95,000. BTC is currently consolidating and facing hurdles near the $101,250 resistance zone.
- Bitcoin has started a fresh rise after falling towards the $90,000 area.
- The price is trading below $100,000 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support at $99,000 on the hourly chart of the BTC/USD pair (data via Kraken).
- The pair may regain momentum if there is a close above the $101,250 resistance zone.
Bitcoin price holds key support
Bitcoin price starts another increase Above the $95,500 resistance zone. BTC broke the $96,500 and $98,000 resistance levels.
Bulls were able to push the price above the 61.8% Fib retracement level of the downward wave from the $104,015 high to $91,800 low. However, bears appear to be active above $101,000. They held the close above $102,000.
The price struggled to settle above the 76.4% Fib retracement level of the downward swing from the $104,015 high to $91,800 low.
Bitcoin price is currently below $100,500, 100 hour simple moving average. There is also a key bullish trend line forming with support at $99,000 on the hourly chart of the BTC/USD pair.
On the bright side, the price may face resistance near the $100,000 level. The first key resistance is near $101,250. A clear break above the $101,250 resistance could lead to a move higher. The next key resistance level is likely to be $102,000.
A close above the $102,000 resistance could lead to further gains. In the above scenario, the price may rise and test the $104,200 resistance. In case of further gains, the price may rise towards the $108,000 level.
Bitcoin falling again?
If Bitcoin fails to break above the $101,250 resistance, it may start another downside correction. Immediate support on the downside lies near the $99,000 level and trendline.
The first major support is located near $97,800. The next support is near the $96,000 area. Any further losses could push the price towards the $95,000 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
The main support is at $99,000, followed by $97,800.
Major resistance levels – $100,000 and $101,250.
