Bitcoin (BTC) Price Eyes Recovery Above Below $95K

Bitcoin price started a short-term recovery wave after a sharp dip below the $90,000 zone. BTC was able to climb above the $91,500 and $93,200 levels.

Bitcoin price is attempting a recovery wave from the $89,200 zone. BTC is rising and might face resistance near the $95,800 zone.

Bitcoin Price Eyes Recovery Above Below $95K

Bitcoin price started a short-term recovery wave after a sharp dip below the $90,000 zone. BTC was able to climb above the $91,500 and $93,200 levels.

The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $95,808 swing high to the $89,115 low. Moreover, there was a break above a connecting bearish trend line with resistance at $92,000 on the hourly chart of the BTC/USD pair.

However, the bears are still active below the $95,500 level. Bitcoin price is now trading above $94,000 and the 100 hourly simple moving average. On the upside, immediate resistance is near the $95,200 level.

The first key resistance is near the $95,800 level. A clear move above the $95,800 resistance might open the doors for a stronger rally. The next key resistance could be at $97,400 or the 1.236 Fib extension level of the downward move from the $95,808 swing high to the $89,115 low.

A close above the $97,400 resistance might set the stage for a further rally in the near term. In this case, the price could continue to rise and test the $98,800 resistance level. Any further gains could lead the price towards the $99,500 level.

Another Dip In BTC?

If Bitcoin fails to rise above the $95,800 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $94,000 level.

The first major support is now at the $93,200 level. The next support is now near the $92,200 zone. Any further losses might drag the price towards the $90,000 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $94,000, followed by $93,200.

Major Resistance Levels – $95,200 and $95,800.