Bitcoin Price Surpasses $95,000, Eyes Resistance at $97,000
Bitcoin price is recovering above the $95,000 level, showing positive signs for an increase beyond $98,000.
- Bitcoin initiated a rise above the $95,000 zone.
- The price is trading above $95,500 and the 100-hour Simple Moving Average.
- A break occurred above a short-term contracting triangle with resistance at $95,500 on the hourly BTC/USD chart (data feed from Kraken).
- The pair may gain bullish momentum if it surpasses the $97,000 resistance zone.
Bitcoin Price Eyes More Upsides
Bitcoin price remains stable above the $93,500 zone. It formed a base and increased above the $94,500 resistance. The bulls pushed the price past the $95,500 resistance zone.
A break above the contracting triangle with resistance at $95,500 was noted in the hourly BTC/USD chart. The price climbed above the 61.8% Fibonacci retracement level of the downward wave from the $98,880 swing high to the $90,735 low.
Currently, Bitcoin trades above $95,500 and the 100 hourly Simple Moving Average. Resistance is anticipated near $97,000, close to the 76.4% Fibonacci retracement level of the downward wave from the $98,880 swing high to the $90,735 low.
The first key resistance is near $98,500. A clear move above this level could lead to further increases, potentially testing $98,800 next. A close above $98,800 might initiate more gains, possibly driving the price toward $100,000 and subsequently to $102,000.
Another Decline In BTC?
If Bitcoin does not exceed the $97,000 resistance zone, another downside correction may occur. Immediate support is near $95,500.
The first major support lies at $94,500, followed by $93,200. Further losses could see the price drop toward $91,500 in the near term.
Technical indicators:
Hourly MACD – The MACD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.
Major Support Levels – $95,500 and $94,500.
Major Resistance Levels – $97,000 and $98,800.