Bitcoin Price Surges Above $96,000, Eyes Resistance at $98,800

Bitcoin price is recovering above $96,000, aiming for an increase past $98,800.

Bitcoin initiated an increase above the $96,000 zone.
The price trades above $96,500 and the 100-hour Simple Moving Average.
A break occurred above a short-term bearish trend line at $96,400 on the BTC/USD hourly chart (data feed from Kraken).
The pair may gain bullish momentum if it surpasses the $98,000 resistance zone.

Bitcoin Price Eyes Key Upside Break

Bitcoin price remained stable above $94,500. BTC formed a base and increased above the $95,000 resistance zone. The bulls pushed the price above $96,000.

A break above the short-term bearish trend line at $96,400 was noted on the BTC/USD hourly chart. The price climbed above the 61.8% Fibonacci retracement level of the downward move from the $98,670 swing high to the $95,754 low.

Bitcoin is now trading above $96,500 and the 100-hour Simple Moving Average. Resistance is anticipated near the $98,000 level, close to the 76.4% Fibonacci retracement level from the previous downward movement.

The first key resistance is near $98,800. A clear move above this level could lead to further gains, with the next resistance at $99,200. A close above $99,200 might initiate additional upward movement, potentially testing the $100,000 resistance level. Continued gains could push the price toward $102,000 in subsequent sessions.

Another Drop In BTC?

If Bitcoin does not rise above the $98,000 resistance zone, it may begin another downside correction. Immediate support is near $97,200.

The first major support is at $96,500, followed by $95,000. Further losses might drive the price down to $93,500 in the near term.

Technical indicators:

Hourly MACD – Gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – Above the 50 level.
Major Support Levels – $96,500, $95,000.
Major Resistance Levels – $98,000, $98,800.