The price of Bitcoin is recovering from losses and has surpassed the $98,000 mark. If it can break through the $100,000 resistance zone, Bitcoin may continue to climb.
- Bitcoin has initiated a new recovery above $97,500.
- Currently, the price is above $97,800 and the 100-hour Simple Moving Average.
- A bullish trend line is forming with support at $97,800 on the hourly chart of BTC/USD (data feed from Kraken).
- If Bitcoin remains above the $97,500 support level, it could see another increase.
Bitcoin Price Shows Further Recovery
Bitcoin’s price has made a significant move above the $95,500 resistance zone. The cryptocurrency managed to surpass the $96,200 and $97,000 resistance levels.
After overcoming several obstacles near $98,500, the price even surged above $99,500. With a peak at $99,739, the price is currently consolidating gains above the 23.6% Fibonacci retracement level of the recent rally from $97,250 to $99,793.
There is a bullish trend line forming with support at $97,800 on the BTC/USD hourly chart. Bitcoin’s price is above $97,500 and the 100-hour Simple Moving Average, suggesting a positive trend. The trend line aligns with the 76.4% Fibonacci retracement level of the recent uptrend.
On the upside, immediate resistance lies near $99,800, followed by a key level at $100,000. A clear breakthrough above $100,000 could propel the price even higher.
The next significant resistance level could be at $102,500. A decisive move above this level may lead to further gains, potentially testing the $105,000 resistance. Subsequent upward movement could target the $108,000 level.
Possible Downward Movement in Bitcoin
If Bitcoin fails to breach the $100,000 resistance, it may experience a downward trend. Immediate support is around $98,500.
The primary support level is at $97,800, followed by $96,550. Further losses could push the price towards the $95,000 support in the short term.
Technical indicators:
Hourly MACD – The MACD shows bullish momentum.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above 50.
Key Support Levels – $98,500, followed by $96,550.
Key Resistance Levels – $99,800 and $100,000.
