Bitcoin Price Recovers Above $98,000, Eyes $100,000 Resistance
Bitcoin price is recovering above the $98,000 zone. BTC may continue to rise if it surpasses the $100,000 resistance level.
- Bitcoin began a recovery above the $97,500 mark.
- The price trades above $97,800 and the 100-hour Simple Moving Average.
- A bullish trend line forms with support at $97,800 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair may initiate another increase if it remains above the $97,500 support zone.
Bitcoin Price Recovery
Bitcoin initiated an upward move above the $95,500 resistance zone. BTC surpassed the $96,200 and $97,000 resistance levels.
The price cleared hurdles near the $98,500 level, spiking above $99,500. A high of $99,739 was recorded, and the price consolidates above the 23.6% Fib retracement level of the recent upward move from the $97,250 swing low to the $99,793 high.
A bullish trend line with support at $97,800 is present on the hourly chart of the BTC/USD pair. Bitcoin trades above $97,500 and the 100-hour Simple Moving Average, with the trend line near the 76.4% Fib retracement level of the recent upward movement.
Immediate resistance is near $99,800, with key resistance at $100,000. A clear move above $100,000 could propel the price higher.
The next significant resistance may be at $102,500. A close above this level could lead to a test of the $105,000 resistance. Further gains might push the price toward $108,000.
Potential Decline for BTC
If Bitcoin does not rise above the $100,000 resistance zone, a decline may occur. Immediate support is near $98,500.
The first major support lies around $97,800, with additional support near $96,550. Further losses could drive the price down to approximately $95,000 in the short term.
Technical indicators:
- Hourly MACD: Gaining momentum in the bullish zone.
- Hourly RSI: Above the 50 level for BTC/USD.
- Major Support Levels: $98,500 and $96,550.
- Major Resistance Levels: $99,800 and $100,000.