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Bitcoin price is recovering above the $94,000 level. BTC is consolidating and targeting a fresh increase above the $97,000 level.
- Bitcoin started a new rally in the $91,000 area.
- The price is trading above $95,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) has a bullish trendline attached with support at $95,750.
- A break above the $97,000 resistance area could provide bullish momentum.
Bitcoin price recovers losses
Bitcoin price found support near $91,000. BTC formed a base and started a new increase above the $93,500 resistance zone. The bulls were able to push the price above the $95,000 resistance zone.
The price crossed above the 50% Fib retracement level moving down from the $98,880 swing high to the $90,735 low. On the hourly chart of the BTC/USD pair, there is also a connecting bullish trendline with support at $95,750.
Bitcoin price is currently trading above $95,000 and the 100-hour simple moving average. On the other hand, the price may face resistance near $97,000. This is close to the 76.4% Fib retracement level of the downward move from the $98,880 swing high to the $90,735 low.
The first major resistance is near the $98,000 level. A clear break above the $98,000 resistance could push the price higher. The next major resistance could be $99,200. A break above the $99,200 resistance could lead to further gains. If indicated, the price could move higher and test the $100,000 resistance level. More profits could push the price higher to the $102,000 level.
Another drop in BTC?
If Bitcoin fails to rise above the $97,000 resistance zone, another downward correction could begin. Immediate support for the downside is near the $95,750 level.
The first major support is near the $95,000 level. The next support level is now near $93,000. Any more losses could lead the price towards the $91,000 support in the near term.
Technical indicators:
Hourly MACD – MACD is now gaining speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $95,750, then $95,000.
Key resistance levels – $97,000 and $98,000.