Could This Be the Start of a Surge?
Bitcoin price is recovering losses above the $95,000 area. BTC is accelerating and may continue higher if it breaks the $98,000 resistance zone.
- Bitcoin started a fresh recovery above the $95,500 area.
- The price is trading above $96,500 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $95,000 on the hourly chart of the BTC/USD pair (data via Kraken).
- If the pair holds above the $95,000 support area, another upward move could start.
Bitcoin price recovers further
Bitcoin price starts decent There was a break above the $93,200 resistance zone. BTC was able to climb above the $94,200 and $95,000 resistance levels.
The price broke many barriers near the $96,500 level. It even surged above $97,500. The price formed a high at $97,719 and is now consolidating gains above the 23.6% Fib retracement level of the recent upward move from the $92,588 swing low to $97,719 high.
There is also a bullish trend line forming with support at $95,000 on the hourly chart of the BTC/USD pair. Bitcoin price is currently trading above $95,500 100 hour simple moving average. The trend line is near the 50% Fib retracement level of the recent upward move from the $92,588 low to $97,719 high.
On the upside, immediate resistance lies near $97,500. The first key resistance lies near $98,000. A clear break above the $98,000 resistance could push the price higher.
The next key resistance level is likely to be $98,800. A close above the $98,800 resistance may push the price higher further. In the above scenario, the price may rise and test the $99,500 resistance. If there is further upside, the price may rise towards the $100,000 level.
Bitcoin falling again?
If Bitcoin fails to break above the $98,000 resistance, it may start a fresh decline. Immediate support on the downside lies near the $96,500 level.
The first major support level is located near $95,000. The next support is near the $94,550 area. Any further losses could push the price towards the $93,200 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 level – $96,500, followed by $95,500.
Major resistance levels – $97,500 and $98,000.
