Bitcoin Price At Crossroads: Will It Stabilize and Surge Again?
Bitcoin price recovered losses and climbed above $95,000. BTC is now consolidating and facing hurdles near the $101,250 resistance zone.
- Bitcoin started a fresh increase after it dropped toward the $90,000 zone.
- The price is trading below $100,000 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support at $99,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could regain momentum if it closes above the $101,250 resistance zone.
Bitcoin Price Holds Key Support
Bitcoin price started another increase above the $95,500 resistance zone. BTC was able to clear the $96,500 and $98,000 resistance levels.
The bulls were able to push the price above the 61.8% Fib retracement level of the downward wave from the $104,015 swing high to the $91,800 low. However, the bears seem to be active above the $101,000 level. They protected a close above the $102,000 level.
The price struggled to settle above the 76.4% Fib retracement level of the downward wave from the $104,015 swing high to the $91,800 low.
Bitcoin price is now trading below $100,500 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $99,000 on the hourly chart of the BTC/USD pair.
On the upside, the price could face resistance near the $100,000 level. The first key resistance is near the $101,250 level. A clear move above the $101,250 resistance might send the price higher. The next key resistance could be $102,000.
A close above the $102,000 resistance might send the price further higher. In the stated case, the price could rise and test the $104,200 resistance level. Any more gains might send the price toward the $108,000 level.
Another Drop In BTC?
If Bitcoin fails to rise above the $101,250 resistance zone, it could start another downside correction. Immediate support on the downside is near the $99,000 level and the trend line.
The first major support is near the $97,800 level. The next support is now near the $96,000 zone. Any more losses might send the price toward the $95,000 support in the near term.
Technical indicators:
Hourly MACD The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) The RSI for BTC/USD is now below the 50 level.
Major Support Levels $99,000, followed by $97,800.
Major Resistance Levels $100,000, and $101,250.
Source: NewsBTC.com
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