Bitcoin Price Recovers Above $96,000 Amid Resistance at $98,000
Bitcoin (BTC) price is recovering, trading above $96,000 and targeting the $98,000 resistance zone.
- BTC has started a recovery wave above the $95,500 level.
- Price is trading above $96,000 and the 100 hourly Simple Moving Average.
- Key bearish trend line at $96,700 has been broken.
- Immediate resistance is near $96,800; key resistance levels are $97,200 and $98,000.
- Support levels are at $96,100, $96,000, and $95,500.
Current Price Movements
The price formed a base above $93,500, surpassing $94,000 and $94,200. It also moved above the 50% Fib retracement level from the recent swing high to low.
A close above $98,000 could lead to further increases towards $98,800 or even $100,000.
Potential Downturn
If BTC cannot rise above $97,000, it may decline. Major support lies at $93,400 if downward momentum continues.
Technical indicators show that MACD is gaining bullish momentum and RSI is above 50.
