Bitcoin price is recovering above $96,000. BTC shows positive signs and is expected to break through the level of $98,800.
Bitcoin starts a new round of gains above $96,000.
The price is currently above $96,500 and the 100-hour simple moving average.
On the hourly chart for BTC/USD (data from Kraken), a short-term bearish trend line has been broken, with resistance at $96,400.
If the resistance area at $98,000 is broken, the currency pair may gain bullish momentum.
Bitcoin price focuses on a key upward breakout.
Bitcoin price remains stable above the $94,500 area. BTC forms a bottom and begins a new rise above the $95,000 resistance area. The bulls are able to push the price above the $96,000 resistance area.
On the hourly chart for the BTC/USD pair, a short-term bearish trend line has been broken, with resistance at $96,400. The currency pair has risen above the 61.8% Fibonacci retracement level of the downtrend from the high of $98,670 to the low of $95,754.
The current trading price of Bitcoin is above $96,500 and the 100-hour simple moving average. On the upside, the price may face resistance near $98,000. This price is close to the 76.4% Fibonacci retracement level of the downtrend from the high of $98,670 to the low of $95,754.
The first key resistance is around $98,800. If there is a significant breakout above the resistance level of $98,800, the price may rise. The next key resistance may 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 in the coming trading days.
Is BTC falling again?
If Bitcoin fails to break through the resistance area at $98,000, it may begin another downward correction. Immediate support is around $97,200.
The first major support is around $96,500. The next support is currently near the $95,000 area. If the price falls further, it may drop to the support level of $93,500 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 - $96,500, followed by $95,000.
Major resistance - $98,000 and $98,800.
