Bitcoin Price Recovers Above $94,000 with Resistance at $97,000
Bitcoin price is recovering above the $94,000 level, consolidating and targeting an increase beyond $97,000.
- Bitcoin initiated a rise from the $91,000 zone.
- The price trades above $95,000 and the 100 hourly Simple Moving Average.
- A bullish trend line is forming with support at $95,750 on the hourly BTC/USD chart (data from Kraken).
- Clearing the $97,000 resistance could lead to further bullish momentum.
Bitcoin Price Recovery
Bitcoin found support near $91,000, formed a base, and increased above the $93,500 resistance. The price surpassed the $95,000 resistance.
The price exceeded the 50% Fibonacci retracement level of the decline from the $98,880 high to the $90,735 low. A bullish trend line is evident with support at $95,750 on the hourly BTC/USD chart.
Currently, Bitcoin trades above $95,000 and the 100 hourly Simple Moving Average. Resistance is expected near $97,000, close to the 76.4% Fibonacci retracement level of the aforementioned decline.
The first key resistance is at $98,000. A move above this level might propel the price higher, potentially testing $99,200. Closing above $99,200 could initiate further gains, possibly reaching the $100,000 resistance level. Additional increases may target $102,000.
Potential Downside for BTC
If Bitcoin does not surpass the $97,000 resistance, it may begin another downside correction. Immediate support is near $95,750.
The first significant support is around $95,000, followed by the $93,000 zone. Further losses could bring the price down to the $91,000 support level.
Technical indicators:
- Hourly MACD: Gaining pace in the bullish zone.
- Hourly RSI: Above the 50 level for BTC/USD.
- Major Support Levels: $95,750 and $95,000.
- Major Resistance Levels: $97,000 and $98,000.