Bitcoin price is consolidating above the $95,000 support zone. BTC must settle above the $100,000 level to start a fresh increase in the near term.
Bitcoin started a fresh increase from the $94,200 zone.
The price is trading above $96,500 and the 100 hourly Simple moving average.
There was a break above a connecting bearish trend line with resistance at $96,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it clears the $98,500 zone.
Bitcoin Price Eyes Fresh Increase
Bitcoin price extended losses below the $95,000 support level. BTC tested the $94,200 zone. A low was formed at $94,111 and the price recently started a fresh increase within a range.
There was a move above the $95,000 and $96,000 levels. The price cleared the 50% Fib retracement level of the downward move from the $98,440 swing high to the $94,111 low. There was a break above a connecting bearish trend line with resistance at $96,000 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $96,500 and the 100 hourly Simple moving average. It is also above the 61.8% Fib retracement level of the downward move from the $98,440 swing high to the $94,111 low.
On the upside, immediate resistance is near the $98,000 level. The first key resistance is near the $98,500 level. The next key resistance could be $99,500. A close above the $99,500 resistance might send the price further higher. In the stated case, the price could rise and test the $100,000 resistance level. Any more gains might send the price toward the $100,500 level or even $102,000.
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