The Bitcoin price has been consolidating over the $95,000 zone of support. BTC has to rise above the level of $100,000 before it can start an increase.
- Bitcoin has started to increase again from the $95,200 area.
- Price is nearing $96,500, and 100-hour Simple Moving Average.
- The hourly BTC/USD chart shows a connective bullish line with support around $96,000. (Data feed by Kraken)
- It is possible that the couple could increase again if they clear $98,500.
Bitcoin price to increase again
Bitcoin prices remained within a band above the $95,000 support level. BTC has tested $95,200. At $95,352, a price low has been formed and recently, the price started to increase again within a range.
The price moved above the levels of $96,500 and 95,500. Price spiked up and tried to test the Fib 50% retracement of the decline from the swing high $98,077 to the low $95,352. On the hourly BTC/USD chart, a bullish trendline is forming at support of $96,000.
Bitcoin’s price has now reached $96,500. 100 hourly Simple moving average. The immediate resistance on the upside is located near $96,700. First, the level near $97,000 or 61.8% of Fib is the level where the decline from the swing high $98,077 to the low $95,352 begins.
A key resistance level could be $98,000. The price could rise if it closes above $98,000. Price could test $98,500 level in this case. If the price gains more, it could reach the level of $100,000 or even $105,500.
BTC to decline again?
Bitcoin may start another decline if the price fails to move above $98,000. On the downside, immediate support is located near $96,000. Near the $95,500 support level, we find our first significant support.
Near the 95,000-dollar zone, we are now approaching our next support. If the market continues to fall, it could soon reach the $93,500 level. The support level is $92,200.
The following are 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 above the 50 level.
Major Support Levels – $96,000, followed by $95,000.
Major Resistance Levels – $97,000 and $98,500.
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Source: www.newsbtc.com
