Bitcoin price is recovering above $95,000. BTC is showing positive signs and is expected to surpass $98,000.
Bitcoin started a fresh increase above $95,000.
The price is currently above $95,500 and the 100 hourly simple moving average.
There was a break above a short term contracting triangle with resistance at $95,500 on the hourly chart of the BTC/USD pair (data source from Kraken).
The pair is likely to gain bullish momentum if it breaks above the $97,000 resistance area.
Bitcoin price expected to rise further
Bitcoin price remained stable above the $93,500 area. BTC formed a bottom and started a fresh increase above the $94,500 resistance area. The bulls were able to push the price above the $95,500 resistance area.
There was a break above the short term contracting triangle resistance at $95,500 on the hourly chart of the BTC/USD pair. The pair climbed above the 61.8% Fibonacci retracement level of the downtrend from the $98,880 high to $90,735 low.
Bitcoin price is currently trading above $95,500 and the 100 hourly simple moving average. On the upside, the price is likely to face resistance near $97,000. It is close to the 76.4% Fibonacci retracement level of the downside wave from the $98,880 high to $90,735 low.
The first key resistance is near $98,500. If there is a clear break above the $98,500 resistance, the price is likely to rise. The next key resistance is likely to be $98,800. A close above the $98,800 resistance could spark more gains. In such a case, the price could rise and test the $100,000 resistance. If there is a further rise, the price could drop to the $102,000 level.
BTC drops again?
If bitcoin fails to clear the $97,000 resistance zone, it could start another downside correction. An immediate support on the downside is near $95,500.
The first major support is near the $94,500 level. The next support is currently near the $93,200 area. If the price declines further, it could drop to the $91,500 support level in the near 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.
The main support level – $95,500, followed by $94,500.
Major Resistance Levels – $97,000 and $98,800.
