Bitcoin Price Climbs Above $95,000, Faces Resistance Near $101,250
Bitcoin price recovered above $95,000 and is currently consolidating near the $101,250 resistance zone.
- Bitcoin initiated a recovery after dropping toward the $90,000 area.
- The price trades below $100,000 and the 100-hourly Simple Moving Average.
- A key bullish trend line supports the price at $99,000 on the hourly BTC/USD chart (data from Kraken).
- A close above the $101,250 resistance could regain upward momentum.
Bitcoin Price Holds Key Support
Bitcoin began another increase above the $95,500 resistance. The price exceeded $96,500 and $98,000 resistance levels.
Bulls pushed the price above the 61.8% Fib retracement level of the downward move from the $104,015 high to the $91,800 low. However, bears remain active above $101,000, preventing a close above $102,000.
The price struggled to settle above the 76.4% Fib retracement level from the previous downward wave.
Currently, Bitcoin trades below $100,500 and the 100 hourly Simple Moving Average. The bullish trend line at $99,000 provides support.
On the upside, resistance is near $100,000, with the first major resistance at $101,250. A clear move above this level may lead to further gains, targeting $102,000 as the next resistance.
A close above $102,000 could push the price towards the $104,200 resistance, with potential gains reaching up to $108,000.
Another Drop In BTC?
If Bitcoin fails to surpass the $101,250 resistance zone, it may initiate another downside correction. Immediate support is near $99,000 along with the trend line.
The first significant support level is around $97,800, followed by $96,000. Further declines could bring the price down to the $95,000 support level.
Technical indicators:
- Hourly MACD: Losing momentum in the bullish zone.
- Hourly RSI: Below the 50 level.
Major Support Levels: $99,000 and $97,800.
Major Resistance Levels: $100,000 and $101,250.