The price of Bitcoin has started to rise significantly, breaking the key level of $96,000. If it breaks the resistance area of $100,000, BTC may continue to rise.
Bitcoin has started to rise strongly above $96,000.
The price is currently above $96,500 and the 100-hour simple moving average.
On the hourly chart of the BTC/USD pair, a connecting bullish trend line has formed, with support at $98,500 (data from Kraken).
If the currency pair holds above the support area of $96,000, it may begin to rise again.
The price of Bitcoin may regain momentum.
The price of Bitcoin has started to rise steadily above the resistance area of $95,000. BTC has managed to climb above the resistance levels of $96,500 and $97,000.
The currency pair has broken the resistance level of $98,000 and is approaching the resistance level of $100,000. The price has formed a high at $99,400 and is currently consolidating the gains. The 23.6% Fibonacci retracement level of the upward wave from the swing low of $92,415 to the high of $99,400 is being tested.
The price of Bitcoin is currently trading above $96,500 and the 100-hour simple moving average. On the upside, direct resistance is near $99,200. The first key resistance level is around $99,500 or the recent high. If the price significantly breaks above the resistance level of $99,500, it could push the price higher. The next key resistance level could be $100,000.
A closing price above the resistance level of $100,000 could further push the price up. In this case, the price could rise and test the resistance level of $102,200. If it rises further, the price may fall to the level of $103,500.
BTC is falling again?
If Bitcoin fails to break through the resistance area of $100,000, it may continue to decline. Direct support on the downside is at the level of $98,200 and near the trend line.
The first major support level is around $96,000, which is the 50% Fibonacci retracement level of the upward wave from the swing low of $92,415 to the high of $99,400. The next support level is now near the $95,000 area. If the price continues to decline, it may drop to the support level of $93,200 in the short term.
Technical indicators:
Hourly MACD - The MACD is currently accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) - The RSI of BTC/USD is now above the level of 50.
Major support level - $97,000, followed by $96,000.
Major resistance levels - $99,000 and $100,000.