Bitcoin Price Rises: Could This Be the Starting Point for a Larger Rebound?

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The price of Bitcoin is recovering above $98,000, continuing its upward acceleration. If it breaks through the resistance level of $100,000, it could climb further.

BTC has initiated a new round of recovery from above $97,500, and the current price is above $97,800, breaking the 100-hour simple moving average. A bullish trend line has formed on the hourly chart of BTC/USD, with support at $97,800 (data from Kraken). If it holds above the support zone of $97,500, the price is expected to continue rising.

Technical Indicators:

Hourly MACD: Accelerating in the bullish zone.

Hourly RSI: RSI has broken above 50.

Major Support Level: $98,500, followed by $96,550.

Major Resistance Levels: $99,800 and $100,000.

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