Bitcoin Price on the Brink: $100K Breakthrough Imminent?
Bitcoin price is recovering above $96,000. BTC is showing positive signs and is targeting another break above the $98,800 level.
- Bitcoin has started a fresh rise above the $96,000 area.
- The price is trading above $96,500 and the 100 hourly simple moving average.
- There is a short-term bearish trend line breaking above resistance at $96,400 on the hourly chart of the BTC/USD pair (data feed via Kraken).
- The pair may gain bullish momentum if it breaks the $98,000 resistance.
Bitcoin price faces critical upside breakout
bitcoin price stay stable Above the $94,500 area. BTC formed a base and started a fresh rise above the $95,000 resistance zone. The bulls were able to push the price above the $96,000 resistance zone.
There was a break above a short-term bearish trend line with resistance at $96,400 on the hourly chart of the BTC/USD pair. The pair climbed above the 61.8% Fib retracement level of the downward move from the swing high of $98,670 to low of $95,754.
Bitcoin price is currently trading above $96,500, 100 hour simple moving average. On the bright side, the price may face resistance near $98,000. It is close to the 76.4% Fib retracement level of the downward move from the swing high of $98,670 to low of $95,754.
The first key resistance is near $98,800. A clear break above the $98,800 resistance could lead to a move higher. The next key resistance level is likely to be $99,200. A close above the $99,200 resistance could trigger more gains. In the above scenario, the price may rise and test the $100,000 resistance. If there is further upside, the price may rise towards the $102,000 level in the coming sessions.
Bitcoin falling again?
If Bitcoin fails to break above the $98,000 resistance, it may start another downside correction. Immediate support on the downside lies near the $97,200 level.
The first major support level is located near $96,500. The next support is near the $95,000 area. Any further losses could push the price towards the $93,500 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 $95,000.
Major resistance levels – $98,000 and $98,800.
