The price of Bitcoin is rising above $94,000. BTC is consolidating, aiming to break through $97,000.
Bitcoin is starting a new round of upward movement from the $91,000 area.
The price is currently above $95,000 and the 100-hour simple moving average.
A connecting bullish trend line has formed on the hourly chart of BTC/USD, with support at $95,750 (data from Kraken).
If the resistance area of $97,000 is broken, this currency pair may gain bullish momentum.
The price of Bitcoin is regaining ground.
The price of Bitcoin is finding support around the $91,000 area. BTC is forming a bottom and starting a new round of upward movement above the $93,500 resistance area. Bulls have managed to push the price above the $95,000 resistance area.
The price has broken through the 50% Fibonacci retracement level from the high of $98,880 to the low of $90,735. A connecting bullish trend line has also formed on the hourly chart of BTC/USD, with support at $95,750.
The current trading price of Bitcoin is above $95,000 and the 100-hour simple moving average. From an upward perspective, the price may face resistance near $97,000. It is close to the 76.4% Fibonacci retracement level of the downward trend from the high of $98,880 to the low of $90,735.
The first key resistance level is around $98,000. If it can clearly break through the resistance level of $98,000, the price may rise. The next key resistance level could be $99,200. If the closing price is above the resistance level of $99,200, it may trigger further gains. In this case, the price may rise and test the resistance level of $100,000. If it rises further, the price may reach the level of $102,000.
BTC down again?
If Bitcoin fails to break through the resistance area of $97,000, it may begin another downward correction. The direct support level is around $95,750.
The first major support level is around $95,000. The next support level is currently around the $93,000 area. If the price continues to decline, it may fall to the support level of $91,000 in the short term.
Technical indicators:
Hourly MACD - The MACD is currently accelerating in the bullish area.
Hourly RSI (Relative Strength Index) - The RSI of BTC/USD is now above the 50 level.
Major support level - $95,750, followed by $95,000.
Major resistance levels - $97,000 and $98,000.