Bitcoin Price Recovers Strongly—Is a New Rally Beginning?
Bitcoin prices have begun a wave of recovery above the $96,500 region. BTC is rising and may aim to exceed the $98,800 resistance zone.
- Bitcoin started a nice wave of recovery above the $96,500 area.
- Prices traded above $97,000, while the 100-hour simple moving average.
- In the hourly chart of the BTC/USD pair, there is a key bullish trend line forming, supporting close to $97,600 (from Kraken’s feed).
- If two people stay above the $96,400 area, it may increase again.
Bitcoin price target is higher
Bitcoin price forms the basis above $94,500 and begins Recovery wave. BTC is able to exceed resistance levels of $95,000 and $96,400.
The price even cleared the $97,500 resistance level. The Bulls even pushed the price higher by $98,500. Gao Gao established $98,725, and the price is now consolidating. Price stabilized at a 23.6% FIB retracement level above the upward movement, from a swing of $93,370 as high as $98,725.
Bitcoin Price is now trading at over $97,200, 100-hour simple moving average. On the hourly chart of the BTC/USD pair, there is also a key bullish trend line forming with support volumes close to $97,600.
On the plus side, immediate resistance is close to the $98,500 level. The first key resistance is close to the $98,800 level. The next key resistance could be $99,500. The shutdown of resistors above $99,500 may make the price even higher. In the case of statements, the price may rise and test the resistance level of $100,000. More gains could shift the price to the $100,500 level, or even $102,000.
Another decline in BTC?
If Bitcoin fails to exceed the $98,800 resistance zone, a new decline may begin. The immediate support of the disadvantage is close to the $97,500 level. The first major support is close to the $96,500 level, from the $93,370 swingman as low as $98,725 height, with a 50% FIB retracement level moving upwards.
The next support is now near the $95,500 area. In the short term, more losses may send the price to $94,200 in support. The main support is $93,400.
Technical indicators:
Hourly MACD – MACD is now accelerating its pace in the bullish area.
Hour RSI (Relative Strength Index) – The RSI of BTC/USD is now above level 50.
Main support level – $97,500, followed by $96,500.
Major resistance levels – $98,500 and $100,000.
