Bitcoin price is consolidating below the $100,000 resistance level. BTC bulls may soon try to break the specified level and push the price higher.
- Bitcoin started a new surge above the $96,500 area.
- The price is trading below the $98,000 level and the 100 hourly simple moving average.
- There is a solid bearish trend line forming with resistance at $98,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue rising if it crosses the $98,000 resistance area.
Bitcoin price is looking forward to more positives
Bitcoin price remained supported above the $92,500 level. BTC formed a base and started a new increase above the $96,000 level. It crossed the $97,500 level and traded to a new high of $99,650 before there was a pullback.
There was a move below the $98,000 level. The low was formed at $95,973 and the price is now rising. There was a move above the $96,800 resistance level. The price crossed the 50% Fibonacci retracement level of the downward move from the high of $99,650 to the low of $95,973.
Bitcoin price is now trading below $98,000 and the 100 hourly simple moving average. On the upside, the price may face resistance near the $98,000 level. There is also a solid downtrend line forming with resistance at $98,000 on the hourly chart of the BTC/USD pair. The trend line is close to the 61.8% Fib retracement level of the downward move from the high of $99,650 to the low of $95,973.
The first major resistance is near the $99,000 level. A clear move above the $99,000 resistance level could send the price higher. The next major resistance could be $100,000.
A close above the $100,000 resistance could lead to further gains. In the mentioned case, the price may rise and test the $102,500 resistance level. Any further gains could send the price towards the $105,000 level.
Downside correction in BTC?
If Bitcoin fails to rise above the $98,000 resistance area, it could start a downward correction. Immediate support on the downside is near the $96,800 level.
The first major support is near the $95,750 level. The next support is now near the $95,000 area. Any further losses could send the price towards the $92,000 support level in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key Support Levels – $96,800, followed by $95,000.
Major resistance levels – $98,000 and $100,000.