Bitcoin price recovered from its losses and rose above $95,000. BTC is now consolidating and facing hurdles near the $101,250 resistance area.
- Bitcoin started a new surge after falling towards the $90,000 area.
- The price is trading below $100,000 and the 100 hourly simple moving average.
- There is a major uptrend line forming with support at $99,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could regain momentum if it closes above the $101,250 resistance area.
Bitcoin price holds major support
Bitcoin price has started to rise again above the $95,500 resistance area. BTC managed to clear the $96,500 and $98,000 resistance levels.
The bulls were able to push the price above the 61.8% Fibonacci retracement level of the downward wave from the swing high at $104,015 to the low at $91,800. However, the bearish movement appears to be active above the $101,000 level. They protected a close above the $102,000 level.
The price struggled to settle above the 76.4% Fibonacci retracement level of the downward wave from the high of $104,015 to the low of $91,800.
Bitcoin price is now trading below $100,500 and the 100 hourly simple moving average. There is also a major uptrend line forming with support at $99,000 on the hourly chart of the BTC/USD pair.
On the upside, the price may face resistance near the $100,000 level. The first major resistance is near the $101,250 level. A clear move above the $101,250 resistance could send the price higher. The next major resistance could be $102,000.
A close above the $102,000 resistance could send the price higher. In the mentioned case, the price may rise and test the $104,200 resistance level. Any further gains could send the price towards the $108,000 level.
Another drop in BTC?
If Bitcoin fails to rise above the $101,250 resistance area, it could start another bearish correction. Immediate support on the downside is near the $99,000 level and trend line.
The first major support is located near the $97,800 level. The next support is now near the $96,000 area. Any further losses could send the price towards the $95,000 support level in the near term.
Technical indicators:
Hourly MACD – The MACD indicator is now losing speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key Support Levels – $99,000, followed by $97,800.
Major resistance levels – $100,000 and $101,250.