Bitcoin Price At Crossroads: Will It Stabilize and Surge Again?
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Bitcoin price recovered losses and climbed above $95,000. BTC is now consolidating and facing hurdles near the $101,250 resistance zone.
Bitcoin started a fresh increase after it dropped toward the $90,000 zone.
The price is trading below $100,000 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support at $99,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could regain momentum if it closes above the $101,250 resistance zone.
Bitcoin Price Holds Key Support
Bitcoin price started another increase above the $95,500 resistance zone. BTC was able to clear the $96,500 and $98,000 resistance levels.
The bulls were able to push the price above the 61.8% Fib retracement level of the downward wave from the $104,015 swing high to the $91,800 low. However, the bears seem to be active above the $101,000 level. They protected a close above the $102,000 level.
The price struggled to settle above the 76.4% Fib retracement level of the downward wave from the $104,015 swing high to the $91,800 low.
Bitcoin price is now trading below $100,500 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $99,000 on the hourly chart of the BTC/USD pair.
On the upside, the price could face resistance near the $100,000 level. The first key resistance is near the $101,250 level. A clear move above the $101,250 resistance might send the price higher. The next key resistance could be $102,000.
A close above the $102,000 resistance might send the price further higher. In the stated case, the price could rise and test the $104,200 resistance level. Any more gains might send the price toward the $108,000 level.
Another Drop In BTC?
If Bitcoin fails to rise above the $101,250 resistance zone, it could start another downside correction. Immediate support on the downside is near the $99,000 level and the trend line.
The first major support is near the $97,800 level. The next support is now near the $96,000 zone. Any more losses might send the price toward the $95,000 support in the near term.
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 below the 50 level.
Major Support Levels – $99,000, followed by $97,800.
Major Resistance Levels – $100,000, and $101,250.
* 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.
