Bitcoin Price Eyes Fresh Gains: Can Bulls Break Through?
Bitcoin price is recovering losses from the $91,400 area. BTC is showing some positive signs and could accelerate its rise if it breaks above the $96,000 resistance area.
- Bitcoin started a new recovery from the $91,400 area.
- The price is trading above $92,500 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $94,000 on the hourly chart of the BTC/USD pair (data via Kraken).
- If the pair holds above the $93,500 support area, it may start rising again.
Bitcoin price begins to recover
Bitcoin price starts to rise move up Above the $92,000 resistance zone. BTC was able to climb above the $93,200 and $93,500 resistance levels.
The price broke above the 50% Fib retracement level of the recent decline from a swing high of $96,040 to a low of $92,588. There is also a bullish trend line forming with support at $94,000 on the hourly chart of the BTC/USD pair.
Bitcoin price is currently trading above $94,000 100 hour simple moving average. On the upside, immediate resistance lies near $95,250. It is close to the 76.4% Fib retracement level of the recent swing high of $96,040 to low of $92,588.
The first key resistance lies near $96,000. A clear break above the $96,000 resistance could lead to a move higher. The next key resistance level is likely to be $97,500. A close above the $97,500 resistance could push the price higher further. In the above scenario, the price may rise and test the $98,800 resistance. In case of further gains, the price may rise towards the $99,500 level.
Bitcoin falling again?
If Bitcoin fails to break above the $96,000 resistance, it may start a fresh decline. Immediate support on the downside lies near the $94,000 level and trendline.
The first major support level is located near $93,500. The next support is near the $92,550 area. Any further losses could push the price towards the $91,200 support in the short term.
Technical indicators:
Hourly MACD – The MACD is currently accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
The main support is at $94,000, followed by $93,500.
Major resistance levels – $95,250 and $96,000.
