Bitcoin price is recovering its losses above the $100,000 area. BTC is showing positive signs and may continue rising if it crosses the $102,500 resistance area.
- Bitcoin has started to rise well above the $98,800 area.
- The price is trading above $100,000 and the 100 hourly simple moving average.
- There is a short-term uptrend line forming with support at $99,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it remains above the $98,500 support area.
Bitcoin price regains $100,000
Bitcoin price started a good upward movement above the $96,500 resistance area. BTC managed to rise above the $97,200 and $98,800 resistance levels.
The price was able to overcome several hurdles near the $100,000 level. It even rose above $102,000. The $102,479 high was formed and the price is now consolidating gains above the 23.6% Fib retracement level of the recent upward move from the $97,251 swing low to the $102,479 high.
There is also a short-term uptrend line forming with support at $99,800 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent upward move from the $97,251 swing low to the $102,479 swing high.
Bitcoin price is now trading above $100,500 and the 100 hourly simple moving average. On the upside, immediate resistance is near the $102,500 level. The first major resistance is located near the $103,200 level. A clear move above the $103,200 resistance level could send the price higher.
The next major resistance could be $104,500. A close above the $105,000 resistance could push the price higher. In the mentioned case, the price may rise and test the $106,500 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 $102,500 resistance area, it could start a new decline. Immediate support on the downside is near the $101,250 level.
The first major support is near the $100,000 level. The next support is now near the $98,550 area. Any further losses could send the price towards the $96,500 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 – $101,250, followed by $100,000.
Key resistance levels – $102,500 and $103,200.