Bitcoin Price Stuck In Consolidation—Is a Big Move Coming?
Bitcoin price consolidates the $95,000 support zone. BTC must settle at the $100,000 level in order to start new growth in the near term.
- Bitcoin has started a new growth in the $94,200 region.
- Prices trade over $96,500 and 100-hour simple moving averages.
- On the hourly chart of the BTC/USD pair, there is $96,000 above the resistor trend (data feed from Kraken) compared to the connection trend line of the resistor.
- If this pair clears the $98,500 area, the couple may increase again.
Bitcoin price increases freshly
Bitcoin price extends below $95,000 support level. BTC tested the $94,200 area. The price of a low is $94,111, and the price has recently begun a new rise in a range.
Over the $95,000 and $96,000 levels. Prices dropped 50% of the FIB retracement level from the $98,440 swing high to the $94,111 low. On the hourly chart of the BTC/USD pair, there is a loss bearish trend line above the connected bearish trend line with a resistance of $96,000.
Bitcoin Price is now trading at over $96,500, 100-hour simple moving average. It is also above the 61.8% FIB retracement level from the $98,440 Swing High to the $94,111 low.
On the plus side, immediate resistance is close to the $98,000 level. The first key resistance is close to the $98,500 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 $98,500 resistance zone, a new decline may begin. Immediately support on the negative side approaching the $97,200 level. The first major support is close to the $96,750 level.
The next support is now near the $96,200 area. In the short term, more losses may send the price to $95,000 in support. The main support is $94,200.
Technical indicators:
Hourly MACD – MACD is now losing pace in bullish areas.
Hour RSI (Relative Strength Index) – The RSI of BTC/USD is now above level 50.
Main support level – $96,200, followed by $95,000.
Major resistance levels – $98,000 and $98,500.
