Bitcoin price is recovering losses above the $100,000 zone. BTC is showing positive signs and might continue higher if it clears the $102,500 resistance zone.
- Bitcoin started a decent increase above the $98,800 zone.
- The price is trading above $100,000 and the 100 hourly Simple moving average.
- There is a short-term bullish trend line forming with support at $99,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it stays above the $98,500 support zone.
Bitcoin Price Reclaims $100K
In recent days, Bitcoin has commenced a decent upward move above the crucial resistance zone at $96,500. The cryptocurrency was able to break above the pivotal levels at $97,200 and $98,800.
With remarkable momentum, Bitcoin surpassed the $100,000 mark, even reaching a high of $102,479 before consolidating its gains above the 23.6% Fibonacci retracement level of the recent upward movement from $97,251 to $102,479.
A notable short-term bullish trend line is forming with support positioned at $99,800 on the hourly chart for BTC/USD. This trend line coincides with the 50% Fibonacci retracement level of the recent price action, adding a layer of technical support.
Currently, Bitcoin is trading above $100,500 and maintains its position above the 100-hourly Simple Moving Average. Immediate resistance is noted near the $102,500 level, with a critical point at $103,200. A decisive move above $103,200 could propel BTC to higher price levels.
The next significant resistance level could be at $104,500 and a close above $105,000 might signal further upward movement. In that scenario, Bitcoin could potentially test the $106,500 resistance level, with possibilities extending toward $108,000 on any additional gains.
Risk of a Drop in BTC?
However, should Bitcoin fail to break through the $102,500 resistance zone, a fresh decline could emerge. The immediate support on the downside is located around the $101,250 level.
Key support levels are positioned at $100,000 and the subsequent $98,550 zone. Any further declines may lead Bitcoin toward the $96,500 support in the near term.
Technical Indicators:
Hourly MACD – Currently gaining momentum in the bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD remains above the 50 level.
Major Support Levels – $101,250, followed by $100,000.
Major Resistance Levels – $102,500 and $103,200.
