Bitcoin price steadily rises above the $95,000 region. BTC shows positive signs and may soon reach the milestone level of $100,000.
Bitcoin begins a new round of upward movement above the $95,000 region.
The price is trading above $95,000 and the 100-hour simple moving average.
A key bullish trend line is forming on the hourly chart of the BTC/USD pair, with support at $95,200 (data feed from Kraken).
If the $100,000 resistance area is broken, the pair may continue to rise.
Bitcoin price reaches a new ATH
Bitcoin price remains supported above $92,000. BTC has formed a base and started a new upward movement above $95,000. It broke through the $96,500 level and set a new high of $98,999 before a pullback occurred.
Breaking below the $98,000 level. However, the price remains stable above the 23.6% Fibonacci retracement level, moving up from the swing low of $91,500 to the high of $98,990. There is also a key bullish trend line forming on the hourly chart of the BTC/USD pair, with support at $95,200.
The trend line approaches the 91,500% Fibonacci retracement level moving up from the swing low of $50 to the high of $98,990. Bitcoin price is now trading above $96,000 and the 100-hour simple moving average.
On the positive side, the price might face resistance around $98,880. The first key resistance level is around $99,000. A clear breakout above the $99,000 resistance level could drive the price higher. The next key resistance level could be $100,000.
A closing price above the $100,000 resistance level could trigger more gains. In this case, the price may rise and test the $102,000 resistance level. Any further rise could drive the price towards the $104,500 resistance level.
BTC Downward Correction?
If Bitcoin fails to rise above the $100,000 resistance area, it may start a downward correction. The immediate support level on the downside is around $98,000.
The first major support level is around $96,800. The next support level is now in the $95,500 region and near the trend line. Any further losses could drive the price down to the $92,000 support level in the short term.
Technical Indicators:
Hourly MACD – The MACD is now accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support level – $96,800, followed by $95,500.
Major resistance levels – $99,000 and $100,000.