Bitcoin price is rising above $94,000. BTC is consolidating with the aim of breaking through $97,000.
Bitcoin starts a new rally 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 it breaks through the $97,000 resistance area, the currency pair may gain bullish momentum.
Bitcoin price recovers lost ground
Bitcoin price finds support around the $91,000 area. BTC forms a bottom and starts a new rally above the $93,500 resistance area. Bulls are able to push the price above the $95,000 resistance area.
The price has broken above 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 a support level at $95,750.
The Bitcoin price is currently trading above $95,000 and the 100-hour simple moving average. On the upside, the price may face resistance near $97,000. It approaches the 76.4% Fibonacci retracement level of the downward move from $98,880 to $90,735.
The first key resistance level is around $98,000. If it can significantly break through the $98,000 resistance level, the price may rise. The next key resistance level may be $99,200. If the closing price is above the $99,200 resistance level, it could trigger further gains. In that case, the price may rise and test the $100,000 resistance level. If it rises further, the price may reach the level of $102,000.
Is BTC going down again?
If Bitcoin fails to break through the $97,000 resistance area, it may start another downward correction. The immediate support level on the downside 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 declines further, it may drop to the $91,000 support level in the short term.
Technical indicators:
Hourly MACD - The MACD is currently accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) - The RSI for 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.