Bitcoin Price Faces Strong Resistance—Will Bulls Hold Their Ground?
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Bitcoin price is consolidating above the $95,000 support zone. BTC must settle above the $100,000 level to start a decent increase in the near term.
Bitcoin started a fresh increase from the $95,200 zone.
The price is trading near $96,500 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support 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 remained in a range above the $95,000 support level. BTC tested the $95,200 zone. A low was formed at $95,352 and the price recently started a fresh increase within a range.
There was a move above the $95,500 and $96,000 levels. The price spiked and tested the 50% Fib retracement level of the downward move from the $98,077 swing high to the $95,352 low. There is also a connecting bullish trend line forming with support at $96,000 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading near $96,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $96,700 level. The first key resistance is near the $97,000 level or the 61.8% Fib retracement level of the downward move from the $98,077 swing high to the $95,352 low.
The next key resistance could be $98,000. A close above the $98,000 resistance might send the price further higher. In the stated case, the price could rise and test the $98,500 resistance level. Any more gains might send the price toward the $100,000 level or even $100,500.
Another Decline In BTC?
If Bitcoin fails to rise above the $98,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $96,000 level. The first major support is near the $95,500 level.
The next support is now near the $95,000 zone. Any more losses might send the price toward the $93,500 support in the near term. The main support sits at $92,200.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $96,000, followed by $95,000.
Major Resistance Levels – $97,000 and $98,500.
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* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
