Bitcoin’s price has started to move upwards again above $98,000. BTC trims losses but could struggle to settle over the $103,000 area.
- Bitcoin began a new upward movement above the $100,000 threshold.
- Price is above $95,500 and 100-hour Simple Moving Average.
- On the hourly chart for the BTC/USD, there was a breakout above the key trendline with resistance of $96,000 (data from Kraken).
- It is possible that the two could increase again if they stay above $100,000.
Bitcoin Price Reclaims $100,000
Bitcoin price started another decline Under the $95,000 region. BTC gained momentum in a downward direction for an action below $93,500 and 92,000. It fell below $91,000.
At $90,944, a low formed and recently the price started to recover. The price moved above the $95,500 mark. The price broke the Fib 50% retracement of the move downward from the swing high $106,000 to the low $90 945.
On the hourly BTC/USD chart, there has been a breakout above the key trendline with resistance of $96,000. Bitcoin is currently trading at $98,000, and there are no signs of a decline in the price. 100 hourly Simple moving average.
The immediate resistance on the upside is around the $102,000 mark. The $102,500 Fib level is the first major resistance. This level represents the 76.4% Fib of the move downward from the $106,000 swing low to the $90 945 low. Next, the key resistance may be at $103,200.
If the price closes above $103,200, it could send the market higher. The price may rise in the case stated and try to test the $105,000 level of resistance. All further gains could send the price to the $107,000 level.
BTC to decline again?
Bitcoin could begin a new decline if it fails to break through the resistance level of $103,200. On the downside, immediate support is located near the level of $100,500. First major support near $100,000.
Next support zone is near $98,000. If the market continues to fall, it could push the price down towards the $96,500 level in the near future.
The following are 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 – $100,500, followed by $100,000.
Major Resistance Levels – $102,000 and $103,200.
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Source: www.newsbtc.com
