The Bitcoin price has initiated a recovery wave, moving above the $94,500 threshold. BTC is currently fluctuating within a range and could potentially revisit the $98,000 resistance level.
- Bitcoin has commenced a solid recovery wave above the $95,500 level.
- The price is trading over $96,000 and remains above the 100 hourly Simple Moving Average.
- A breakout occurred above a significant bearish trend line, encountering resistance at $96,700 on the hourly chart for the BTC/USD pair (data from Kraken).
- If it sustains above the $96,000 zone, the pair could initiate another upward movement.
Bitcoin Price Recovers Losses
Bitcoin price established a support base above the $93,500 level and began a recovery wave. BTC successfully exceeded the $94,000 and $94,200 resistance points.
The price cleared the 50% Fibonacci retracement level from the downward movement between the $98,825 swing high and the $93,288 low. Additionally, there was a breakout above a significant bearish trend line with resistance at $96,700 on the hourly BTC/USD chart.
The pair surpassed the $96,500 mark and now encounters resistance near the $96,800 zone. Currently, Bitcoin is trading above $96,200 and the 100 hourly Simple Moving Average.
On the higher side, immediate resistance is found near the $96,800 level, which coincides with the 61.8% Fibonacci retracement level from the downward trend between $98,825 swing high and $93,288 low. The first significant resistance level lies around $97,200, with the next potential resistance at $98,000.
A close above the $98,000 resistance could propel the price even higher. In such a scenario, the price may increment and challenge the $98,800 resistance level. Further gains might direct the price towards $99,500 or even $100,000.
Potential Decline in BTC?
Should Bitcoin fail to surpass the $97,000 resistance zone, it might initiate a fresh downward trend. Immediate support on the downside is located around the $96,100 level, with the first major support near the $96,000 level.
The subsequent support is close to the $95,500 area. Additional losses may push the price toward the $94,200 support in the near term, while the principal support sits at $93,400.
Technical Indicators:
Hourly MACD – The MACD is currently gaining momentum in the bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $96,100, followed by $96,000.
Major Resistance Levels – $97,000 and $98,000.
