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The price of Bitcoin fell sharply from a high of $104,015, falling below $95,000. BTC is currently recovering its losses and faces a hurdle close to $99,000.
- Bitcoin hit a new all-time high of $104,015 before beginning a major decline.
- The price is trading above $97,500 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 $96,000.
- The pair could regain momentum if it closes above the key milestone level of $100,000.
Bitcoin price recovers losses
Bitcoin price began another rise above the $98,500 resistance zone. BTC was able to clear the $99,500 and $100,000 resistance levels. The rise even reached an all-time high.
A high was reached at $104,015 and the price saw a significant downward correction. It fell below the $100,000 and $95,000 levels. Prices tested the $92,000 area. The low was made at $91,800 and the price is currently recovering its losses.
There was movement above the 50% Fib retracement level with a downward move from the $104,015 swing high to the $91,800 low. Bitcoin price is currently trading above $97,500 and the 100-hour simple moving average. There is also a major bullish trendline with support at $96,000 on the hourly chart of the BTC/USD pair.
On the upside, the price may face resistance near the $99,360 level or the 61.8% Fib retracement level of a downward move from the $104,015 swing high to the $91,800 low. The first major resistance is near the $100,000 level. A clear break above the $100,000 resistance could push the price higher.
The next major resistance could be $102,000. A break above the $102,000 resistance could push the price higher. If stated, the price could move higher to test the $104,000 resistance level. More profits could push the price higher to the $108,000 level.
Another drop in BTC?
If Bitcoin fails to rise above the $100,000 resistance zone, another downward correction could begin. Immediate support for the downside is near the $97,000 level.
The first major support is near the $96,000 level. The next support is now near $95,000. Any more losses could lead the price towards the $92,000 support in the near term.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $97,000, $96,000.
Key resistance levels – $100,000 and $102,000.