Bitcoin Price Attempts a Comeback: Can the Recovery Hold?
Bitcoin is priced above the $95,500 support zone. BTC shows some positive signs that if $100,000 is cleared, it may try to recover.
- Bitcoin’s new drop is lower than the $100,000 level.
- Prices trade below $99,000 and 100-hour simple moving averages.
- In the hourly chart of the BTC/USD pair, there is a connected bearish trend line with a resistance of $98,000 (from Kraken’s feed).
- If the pair clears the $100,000 area, the couple may add up again.
Bitcoin price support
Bitcoin prices fail to continue higher than higher $ 102,500. It started a drop in the area below $99,000. BTC gained bearish momentum to below the $98,500 and $96,500 levels.
The low price is $95,700, and the price has recently begun the merger phase. A small increase in levels above $97,000. Prices exceeded the 23.6% FIB retracement level from the $102,500 swingman high to the $95,700 low.
Bitcoin price is now trading at a price below $98,500 100-hour simple moving average. In good aspects, the immediately resistance is close to $ 98,000. On the hourly chart of the BTC/USD pair, there is also a connected bearish trend line with a resistance of $98,000.
The first key resistance is a close to the $99,100 level, or a 50% FIB retracement level from a swing high of $102,500 to a $95,700 low. The next key resistance may be $ 100,000. The closing of the resistance of more than 100,000 US dollars may make the price higher.
In the case of statements, the price may rise and test the resistance level of $101,200. More gains may shift the price to the $102,500 level.
Another decline in BTC?
If Bitcoin fails to exceed the $98,000 resistance zone, a new decline may begin. Immediately support close at the $96,200 level. The first major support is close to the $95,500 level.
Now, the next support is near the $93,200 area. In the short term, more losses could send the price to $92,200 in support. The main support is $90,900.
Technical indicators:
Hourly MACD – MACD is now losing pace in the bearish zone.
Hour RSI (Relative Strength Index) – The RSI of BTC/USD is now close to level 50.
Main support level – $96,200, followed by $95,500.
Major resistance levels – $98,000 and $100,000.
