#BitcoinHashRateSurge

Bitcoin Price Climbs: Is This the Start of a Bigger Rally?

Bitcoin Price Recovers Further

Bitcoin price started a decent upward move above the $95,500 resistance zone. BTC was able to climb above the $96,200 and $97,000 resistance levels.

The price was able to clear many hurdles near the $98,500 level. It even spiked above $99,500. A high was formed at $99.739 and the price is now consolidating gains above the 23.6% Fib retracement level of the recent upward move from the $97,250 swing low to the $99,793 high.

There is also a connecting bullish trend line forming with support at $97,800 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $97,500 and the 100 hourly Simple moving average. The trend line is near the 76.4% Fib retracement level of the recent upward move from the $97,250 swing low to the $99,793 high.

On the upside, immediate resistance is near the $99,800 level. The first key resistance is near the $100,000 level. A clear move above the $100,000 resistance might send the price higher.