Bitcoin price started a fresh upward move above the $98,000 zone. BTC is trimming losses but might struggle to settle above the $103,000 zone.
- Bitcoin started a fresh upward move above the $100,000 level.
- The price is trading above $99,500 and the 100 hourly Simple moving average.
- There was a break above a key bearish trend line with resistance at $96,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it stays above the $100,000 zone.
Bitcoin Price Reclaims $100,000
Bitcoin price started another decline below the $95,000 zone. BTC gained bearish momentum for a move below the $93,500 and $92,000 levels. It even dived below $91,000.
A low was formed at $90,944 and the price recently started a decent recovery wave. There was a move above the $95,500 level. The price cleared the 50% Fib retracement level of the downward move from the $106,000 swing high to the $90,945 low.
Moreover, there was a break above a key bearish trend line with resistance at $96,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $98,000 and the 100 hourly Simple moving average.
On the upside, immediate resistance is near the $102,000 level. The first key resistance is near the $102,500 level or the 76.4% Fib retracement level of the downward move from the $106,000 swing high to the $90,945 low. The next key resistance could be $103,200.
A close above the $103,200 resistance might send the price further higher. In the stated case, the price could rise and test the $105,000 resistance level. Any more gains might send the price toward the $107,000 level.
Another Decline In BTC?
If Bitcoin fails to rise above the $103,200 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $100,500 level. The first major support is near the $100,000 level.
The next support is now near the $98,000 zone. Any more losses might send the price toward the $96,500 support in the near term.
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.
