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Bitcoin price is steadily rising above the $95,000 range. BTC is showing positive signs and may soon reach the $100,000 level.
- Bitcoin began a new rally above the $95,000 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) shows a major bullish trendline with support at $95,200.
- A break above the $100,000 resistance zone could see the pair continue to rise.
Bitcoin price sets another ATH
Bitcoin price remained above the $92,000 level. BTC formed a base and began a new rise above the $95,000 level. Before the decline, it cleared the $96,500 level and traded to a new high of $98,999.
There was a move below the $98,000 level. However, the price remained stable above the 23.6% Fib retracement level, rising from the $91,500 swing low to the $98,990 high. There is also a major bullish trendline with support at $95,200 on the hourly chart of the BTC/USD pair.
The trend line is close to the 50% Fib retracement level rising from the $91,500 swing low to the $98,990 high. Bitcoin price is currently trading above $96,000 and the 100-hour simple moving average.
On the other hand, the price may face resistance near $98,880. The first major resistance is near the $99,000 level. A clear break above the $99,000 resistance could push the price higher. The next major resistance could be $100,000.
A break above the $100,000 resistance could lead to further gains. If indicated, the price could move higher to test the $102,000 resistance level. Any more gains may push the price towards the $104,500 resistance level.
Fixing BTC’s shortcomings?
If Bitcoin fails to rise above the $100,000 resistance zone, a downward correction could begin. Immediate support for the downside is near the $98,000 level.
The first major support is near the $96,800 level. The next support level is now near the $95,500 area and trend line. Any more losses could lead the price towards the $92,000 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 – $96,800, then $95,500.
Key resistance levels – $99,000 and $100,000.