Bitcoin price is steadily rising above $95,000. BTC is showing positive signs and could soon hit the $100,000 mark.

  • Bitcoin Starts to Rise Again Above $95,000.

  • The price is trading above the $95,000 level and the 100 hourly simple moving average.

  • There is a key bullish trend line forming with support at $95,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • The pair could continue to rise if it breaks above the $100,000 resistance zone.

Bitcoin Price Sets Another ATH

Bitcoin price remains supported above $92,000. BTC formed a base and started a fresh increase above $95,000. It broke above $96,500 and traded to a new high of $98,999 before retracing.

There was a move below the $98,000 level. However, the price settled above the 23.6% Fib retracement level of the upward move from the $91,500 swing low to $98,990 high. There is also a key bullish trend line forming with support at $95,200 on the hourly chart of the BTC/USD pair.

The trend line is close to the 50% Fib retracement level of the upward move from the $91,500 low to $98,990 high. Bitcoin price is currently trading above the $96,000 level and the 100 hourly simple moving average.

On the upside, the price could face resistance near the $98,880 level. The first major resistance is near the $99,000 level. A clear move above the $99,000 resistance level could push the price higher. The next major resistance could be at $100,000.

A close above the $100,000 resistance level could initiate more upside. In the case mentioned above, the price could rise and test the $102,000 resistance level. Any further upside could take the price towards the $104,500 resistance level.

BTC price correction?

If Bitcoin fails to clear the $100,000 resistance zone, it could start a downside correction. Immediate support on the downside is near $98,000.

The first major support level is near the $96,800 level. The next support is now near the $95,500 area and the trend line. Any further losses could push the price towards the $92,000 support level in the near term.

Technical indicators:

  • Hourly MACD – The MACD is currently accelerating in the bullish zone.

  • Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is currently above the 50 level.

  • Major support level – $96,800, followed by $95,500.

  • Major resistance levels – $99,000 and $100,000.