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Bitcoin price is recovering above the $95,000 zone. BTC is gaining momentum and could continue to rise if it breaks the $98,000 resistance zone.
- Bitcoin has started a novel rebound above the $95,500 zone.
- The price is above $96,500 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 $95,000 (fed by data from Kraken).
- The pair could start another rally if it holds above the $95,000 support zone.
Bitcoin price continues to recover
Bitcoin price has started a decent upward move above the $93,200 resistance zone. BTC was able to climb above the $94,200 and $95,000 resistance levels.
The price was able to overcome many hurdles near the $96,500 level. It even rose above $97,500. The high has formed at $97,719 and the price is currently consolidating gains above the 23.6% Fib retracement level resulting from the recent upward move from a low of $92,588 to a high of $97,719.
A connecting bullish trend line is also forming on the hourly chart of the BTC/USD pair with support at $95,000. Bitcoin price is currently above $95,500 and the 100-hour straightforward moving average. The trendline is located near the 50% Fib retracement level resulting from the recent upward move from the low of $92,588 to the high of $97,719.
On the other hand, immediate resistance is located near the $97,500 level. The first key resistance is near the $98,000 level. A clear move above the resistance at $98,000 could result in a price rally.
The next key resistance could be $98,800. A close above the resistance at $98,800 could see the price rise further. In this case, the price could move higher and test the resistance level at $99,500. Any further gains could push the price towards the $100,000 level.
Another BTC drop?
If Bitcoin does not rise above the $98,000 resistance zone, a novel decline could begin. Immediate downside support is located near the $96,500 level.
The first major support is near the $95,000 level. The next support is currently located near the $94,550 zone. Any further losses could push the price towards the $93,200 support in the near future.
Technical Indicators:
Hourly MACD – The MACD is currently 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 – $96,500, then $95,500.
Major resistance levels – $97,500 and $98,000.