Bitcoin price has recovered above the $96,000 level. BTC is showing positive signs and is aiming for a new rally above the $98,800 level.
Bitcoin has started a new rally above the $96,000 zone. The price is trading above $96,500 and the 100-hour simple moving average. On the hourly chart of the BTC/USD pair (data feed from Kraken), the pair broke above the short-term bearish trend line with resistance at $96,400. A breakout of the $98,000 resistance zone could add bullish momentum to the pair.
Focus on important upward break in Bitcoin price
Bitcoin price stabilized above the $94,500 zone. BTC has formed a base and started a new rally above the $95,000 resistance zone. The bulls were able to push the price above the $96,000 resistance zone.
On the hourly chart of the BTC/USD pair, the pair broke above the short-term bearish trend line with resistance at $96,400. The pair rose above the 61.8% Fib retracement level of the decline from the swing high of $98,670 to the low of $95,754.
Bitcoin price is currently trading above $96,500 and its 100-hour simple moving average. On the upside, the price may face resistance near the $98,000 level. This is near the 76.4% Fib retracement level of the decline from the swing high of $98,670 to the low of $95,754.
Source: BTCUSD on TradingView.com
The first major resistance level is near the $98,800 level. A clear break above the $98,800 resistance could push the price higher. The next major resistance level could be at $99,200. Further upside could begin if the price closes above the $99,200 resistance. In the above case, the price may rise and test the $100,000 resistance level. Further gains could push the price closer to the $102,000 level in the coming sessions.
Will BTC drop again?
If Bitcoin fails to rise above the $98,000 resistance zone, another downside correction could begin. Immediate support on the downside is near the $97,200 level.
The first major support is near the $96,500 level. The next support is currently located near the $95,000 zone. Any further losses could send the price towards the $93,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is currently pacing in the bullish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is currently above the 50 level.
Major support levels – $96,500, followed by $95,000.
Key resistance levels – $98,000 and $98,800.
