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Bitcoin is consolidating its gains over the $94,000 area. BTC has shown positive signs. It could aim for an upward move to the resistance level of $95,500.
- Bitcoin remains supported over the $93,500 area.
- Above the 100-hour Simple Moving Average, and above $94,000 is the price.
- On the hourly BTC/USD chart, there is a bullish line connecting the support level of $94,200 (data from Kraken).
- A second increase could be initiated if the pair passes $95,500.
Bitcoin Price Eyes Key Upside Break
The Bitcoin price has remained above $93,500 and is now starting to rise. fresh increase. BTC has been able to rise above resistance levels of $94,000 and $94200.
Bulls managed to push the price over the resistance of $95,200. Recent highs were formed at $95,488. The price then began to correct downward. The price dropped below $94,500 and 94%200. The price dropped below the Fib 50% retracement of the uptrend from the $92,900 swing-low to the $95,488 peak.
The bulls are active around the support level of $93,500 and the Fib retracement levels of the uptrend from the swing low at $92,900 to the high at $95,488.
Bitcoin has now reached a price of $94,200. 100 hourly Simple moving average. On the hourly BTC/USD chart, there is also an overlapping bullish trendline with support located at $94,200.
Near the level of $95,250, the immediate resistance will be found on the upside. Near the $95,500 mark, we find our first major resistance. The next major resistance level may be $96,250. The price could rise if it closes above $96,250. The price may rise in the case stated and try to test the resistance level of $97,500. A further rise in the price could push it towards the $98,800 mark.
BTC to decline again?
Bitcoin could experience another downward correction if it fails to break through the resistance zone of $95,500. The trendline and $94,200 are the immediate support levels on the downside. Near the $93,500 support level, we find our first significant support.
Nearby is the next level of support, which is $92,900. If the market continues to fall, it could push the price back towards $92,500 in the near future. The support level is $91,200.
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 – $94,200, followed by $93,500.
Major Resistance Levels – $95,250 and $95,500.
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Source: www.newsbtc.com
