Bitcoin price is recovering from the $91,400 zone. BTC is showing some positive signs and could accelerate if it breaks through the $96,000 resistance zone.

• Bitcoin started a fresh rebound from the $91,400 zone.
• The price is above $92,500 and Basic’s 100-hour moving average.
• A connecting bullish trend line is forming on the hourly chart of the BTC/USD pair with support at $94,000 (feeding data from Kraken).
• The pair could start another rally if it holds above the $93,500 support zone.

Bitcoin price begins recovery

Bitcoin price has started a decent upward move above the $92,000 resistance zone. BTC was able to climb above the $93,200 and $93,500 resistance levels.

The price was able to break above the 50% Fib retracement level from the recent decline from a high of $96,040 to a low of $92,588. A connecting bullish trend line is also forming on the hourly chart of the BTC/USD pair with support at $94,000.

Bitcoin price is currently above $94,000 and the 100-hour plain moving average. On the other hand, immediate resistance is located near the $95,250 level. It is close to the 76.4% Fib retracement level of the recent decline from a high of $96,040 to a low of $92,588.

The first key resistance is near the $96,000 level. A clear move above the resistance at $96,000 could result in a price rally. The next key resistance could be $97,500. A close above the resistance at $97,500 could see the price rise further. In this case, the price could move higher and test the resistance level at $98,800. Any further gains could push the price towards the $99,500 level.

Another BTC drop?

If Bitcoin does not rise above the $96,000 resistance zone, a fresh decline could begin. Immediate downside support is located near the $94,000 level and trendline.

The first major support is near the $93,500 level. The next support is now near the $92,550 zone. Any further losses could push the price towards the $91,200 support in the near future.

Technical Indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.

Main support levels – $94,000 and then $93,500.

Major resistance levels – $95,250 and $96,000.