Bitcoin (BTC) Price Recovers Losses and Consolidates Above the $94,000 Level

Bitcoin price found support near the $91,000 zone. BTC formed a base and started a fresh increase above the $93,500 resistance zone. The bulls were able to push the price above the $95,000 resistance zone.

Bitcoin price recovered from lows and is now trading above the $94,000 level. BTC is consolidating and might aim for a fresh increase above the $97,000 level.

Bitcoin Price Recovers Losses

As reported earlier, Bitcoin price found support near the $91,000 zone. After a brief consolidation, BTC formed a base and started a fresh increase above the $93,500 resistance zone. The bulls were able to push the price quickly above the $95,000 resistance zone.

The recent decline from the $98,880 swing high to a low of $90,735 was quite steep. However, the good thing is thatịp price found support above the 50% Fib retracement level of that decline. Moreover, there is a connecting bullish trend line forming with support at $95,750 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $95,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $97,000 level. It is also near the 76.4% Fib retracement level of the downward move from the $98,880 swing high to the $90,735 low.

The first key resistance is now at the $98,000 level. A clear move above the $98,000 resistance might set the stage for a stronger rally. The next key resistance on the upside is at $99,200. A close above the $99,200 resistance could initiate more gains.

In the stated case, the price could continue to rise and test the $100,000 resistance level. Any further gains might send the price toward the $102,000 level.

Another Drop In BTC?

If Bitcoin fails to rise above the $97,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $95,750 level.

The first major support is now at the $95,000 level. The next support is now near the $93,000 zone. Any further decline might send the price toward the $91,000 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 – $95,750, followed by $95,000.

Major Resistance Levels – $97,000, and $98,000.