Bitcoin Price Consolidates Below $100,000 Resistance Level
Bitcoin price is consolidating below the $100,000 resistance. BTC bulls may attempt to breach this level soon.
- Bitcoin initiated an increase above the $96,500 zone.
- The price is trading below $98,000 and the 100 hourly Simple Moving Average.
- A bearish trend line forms with resistance at $98,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue rising if it clears the $98,000 resistance zone.
Bitcoin Price Eyes More Upsides
Bitcoin price remained supported above $92,500. BTC formed a base and increased above $96,000, clearing $97,500 and reaching a high of $99,650 before experiencing a pullback.
A decline occurred below $98,000, forming a low at $95,973, but the price is now rising again. It surpassed the $96,800 resistance and cleared the 50% Fib retracement level from the $99,650 swing high to the $95,973 low.
Bitcoin is currently trading below $98,000 and the 100 hourly Simple Moving Average. Resistance near $98,000 could impede further increases. The bearish trend line coincides with the 61.8% Fib retracement level of the downward move from the $99,650 high to the $95,973 low.
The first key resistance is near $99,000. A clear move above this level may lead to higher prices, potentially targeting $100,000.
A close above $100,000 could initiate more gains, possibly testing the $102,500 resistance level. Further gains may push the price toward $105,000.
Downside Correction In BTC?
If Bitcoin fails to rise above $98,000, a downside correction may occur. Immediate support is near $96,800.
The first major support is around $95,750, followed by $95,000. Additional losses could lead the price toward the $92,000 support 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 – $96,800 and $95,000.
Major Resistance Levels – $98,000 and $100,000.