Bitcoin price is recovering losses above the $98,000 zone. BTC is gaining pace and might continue higher if it clears the $100,000 resistance zone.
- Bitcoin started a fresh recovery above the $97,500 zone.
- The price is trading above $97,800 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $97,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it stays above the $97,500 support zone.
Bitcoin Price Recovers Further
Bitcoin price started a decent upward move above the $95,500 resistance zone. BTC was able to climb above the $96,200 and $97,000 resistance levels.
The price was able to clear many hurdles near the $98,500 level, even spiking above $99,500 with a high formed at $99.739. Currently, the price is consolidating gains above the 23.6% Fib retracement level of the recent upward move from the $97,250 swing low to the $99,793 high.
Additionally, a bullish trend line is forming with support at $97,800 on the hourly chart of the BTC/USD pair. Bitcoin is currently trading above $97,500 and the 100 hourly Simple moving average, with the trend line near the 76.4% Fib retracement level from the recent upward move.
Looking upwards, immediate resistance is near the $99,800 level. The first key resistance is around the $100,000 mark. A definitive move above this level could potentially lead to further price increases.
The next critical resistance level could be at $102,500. If the price closes above this threshold, it may continue to rise and test the $105,000 resistance level, with any further gains possibly targeting the $108,000 level.
Potential for a Price Drop?
Conversely, should Bitcoin fail to surpass the $100,000 resistance zone, it may initiate a fresh decline. Immediate support on the downside is situated around the $98,500 level.
The first major support level is near $97,800, followed by a significant support zone at $96,550. Further losses could result in a drop towards the $95,000 support level in the near term.
Technical indicators suggest a bullish outlook, with the Hourly MACD gaining momentum within the bullish zone and the RSI for BTC/USD remaining above the 50 threshold.
In summary, traders should closely monitor key support and resistance levels as Bitcoin continues its recovery journey.
