Bitcoin Price Recovers Above $95,000, Eyes $98,000 Resistance
Bitcoin price is recovering above the $95,000 zone and may continue to rise if it surpasses the $98,000 resistance.
- Bitcoin initiated a recovery above $95,500.
- Current trading is above $96,500 and the 100 hourly Simple Moving Average.
- A bullish trend line is forming with support at $95,000 on the BTC/USD hourly chart (data from Kraken).
- The pair could increase further if it remains above the $95,000 support level.
Bitcoin Price Recovery
Bitcoin began an upward move above the $93,200 resistance. It climbed past $94,200 and $95,000 resistance levels.
The price cleared hurdles near $96,500, reaching a high of $97,719. Currently, it is consolidating gains above the 23.6% Fib retracement level from the recent low of $92,588 to the high of $97,719.
A bullish trend line forms with support at $95,000. Bitcoin trades above $95,500 and the 100 hourly Simple Moving Average. This trend line aligns with the 50% Fib retracement level from the recent low to high.
Immediate resistance is near $97,500, with key resistance at $98,000. A clear break above this level may lead to further increases.
The next resistance level could be $98,800. A close above this level may push the price toward $99,500 and potentially reach $100,000.
Potential Decline in BTC
If Bitcoin does not exceed the $98,000 resistance, a decline may occur. Immediate support is around $96,500.
Major support is near $95,000, followed by $94,550. Further losses could lead the price toward the $93,200 support level.
Technical indicators:
- Hourly MACD: Gaining momentum in the bullish zone.
- Hourly RSI: Above the 50 level.
- Major Support Levels: $96,500 and $95,500.
- Major Resistance Levels: $97,500 and $98,000.