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Bitcoin price is recovering losses above $95,000. BTC is picking up pace and could continue rising if it clears the $98,000 resistance area.
- Bitcoin began a new recovery above the $95,500 area.
- The price is trading above $96,500 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) has a bullish trendline connecting with support at $95,000.
- If it stays above the $95,000 support, the pair could start another increase.
Bitcoin price recovers further
Bitcoin price began a significant uptrend above the $93,200 resistance zone. BTC was able to break above the $94,200 and $95,000 resistance levels.
The price could clear many hurdles near the $96,500 level. It even surged above $97,500. A high was formed at $97,719 and the price is currently consolidating gains above the 23.6% Fib retracement level of the recent rise from the $92,588 swing low to the $97,719 high.
The hourly chart of the BTC/USD pair also has a connecting bullish trendline with support at $95,000. Bitcoin price is currently trading above $95,500 and the 100-hour simple moving average. The trend line is near the 50% Fib retracement level of the recent rise from the $92,588 swing low to the $97,719 high.
On the other hand, immediate resistance is close to the $97,500 level. 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 $98,800. A break above the $98,800 resistance could push the price higher. If indicated, the price could move higher to test the $99,500 resistance level. If more profits are made, the price may rise to the $100,000 level.
Another drop in BTC?
If Bitcoin fails to rise above the $98,000 resistance zone, it could begin a new downtrend. Immediate support for the downside is near the $96,500 level.
The first major support is near the $95,000 level. The next support is now near the $94,550 area. Any more losses could lead the price towards the $93,200 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 – $96,500, then $95,500.
Key resistance levels – $97,500 and $98,000.