Bitcoin’s price continues to rise above the $95,000 level. BTC has shown positive signs of growth and may soon surpass the $100,000 mark.
- Bitcoin began a new increase over the $95,000 area.
- Price is above the Simple Moving Average of 100 hours and $95,000.
- The hourly chart for the BTC/USD pairs shows a bullish line with a support level of $95,200. (Data feed by Kraken).
- If the pair clears $100,000, it could rise further.
The Bitcoin price sets another ATH
Bitcoin price remained supported Above the $92,000 Level. BTC created a base, and began a new increase over the $95,000 mark. The price cleared $96,500 and then traded up to $98,999, before a slight pullback.
A move was made below $98,000. Price remained steady above the level of 23.6% Fib Retracement for the upward trend from the low swing price of $91,500 up to the high $98,990. A key bullish line is also developing with support at $95,200 in the hourly chart for the BTC/USD.
The trend line has a close proximity to 50% of the Fib level for the move upwards from the swing-low $91,500 high to $98,990 low. Bitcoin’s price has now risen above $96,000. 100 hourly Simple moving average.
The price may face resistance on the upside near $98,880. Near the $99,000 mark, we find our first major resistance. Price could rise if the price moves above $99,000. It is possible that the next major resistance will be at $100,000.
If the price closes above $100,000, it could lead to more gains. Price could test $102,000 as resistance in the case stated. Any further gains could send the price to the $104,500 barrier.
Downside Correction In BTC?
Bitcoin may start to correct downwards if the resistance level of $100,000 is not overcome. Support on the downside near $98,000 is the immediate level of support.
First major support near $96,800. Near the trendline and zone of $95,500, the next major support is located. In the short term, any further losses could send the price towards the $92,000 support.
Indicators of technical indicators
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $96,800, followed by $95,500.
Major Resistance Levels – $99,000, and $100,000.
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Source: www.newsbtc.com
