Bitcoin Price Surpasses $95,000, Approaching $100,000 Resistance
Bitcoin price is rising above the $95,000 zone, showing positive signs and nearing the $100,000 milestone.
- Bitcoin is increasing above the $95,000 level.
- The price trades above $95,000 and the 100 hourly Simple Moving Average.
- A key bullish trend line forms with support at $95,200 on the BTC/USD hourly chart (data feed from Kraken).
- The pair may continue to rise if it surpasses the $100,000 resistance zone.
Bitcoin Price Sets Another ATH
Bitcoin price remained supported above $92,000. After forming a base, BTC increased above $95,000, clearing $96,500 and reaching a new high at $98,999 before pulling back.
Despite a dip below $98,000, the price stabilized above the 23.6% Fib retracement level of the upward move from the $91,500 swing low to the $98,990 high. The bullish trend line at $95,200 aligns with the 50% Fib retracement level of the same upward move. Bitcoin trades above $96,000 and the 100 hourly Simple Moving Average.
On the upside, resistance is near $98,880, with the first key resistance at $99,000. A clear move above $99,000 could propel the price higher, potentially testing $100,000.
A close above $100,000 might lead to further gains, with potential resistance at $102,000 and $104,500.
Downside Correction in BTC?
If Bitcoin does not exceed the $100,000 resistance, it may begin a downside correction. Immediate support is near $98,000.
The first major support level is around $96,800, followed by $95,500 and the trend line. Further losses could bring the price toward the $92,000 support level.
Technical indicators:
Hourly MACD – Gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – Above the 50 level.
Major Support Levels – $96,800 and $95,500.
Major Resistance Levels – $99,000 and $100,000.