Bitcoin (BTC) Price Recovers Losses Above the $94,500 Zone

Bitcoin price formed a base above the $93,500 level and started a recovery wave. BTC was able to surpass the $94,000 and $94,200 resistance levels.

Bitcoin price started a recovery wave above the $94,500 zone. BTC is rising within a range and might revisit the $98,000 resistance zone.

Bitcoin Price Recovers Losses

Bitcoin price formed a base above the $93,500 level and began a recovery wave. BTC was able to clear the $94,000 and $94,200 resistance levels.

There was a move above the 50% Fib retracement level of the decline from the $98,825 swing high to the $93,288 low. Moreover, there was a break above a key bearish trend line with resistance at $96,700 on the hourly chart of the BTC/USD pair.

The pair even managed to clear the $96,500 level and now faces hurdles near the $96,800 zone. Bitcoin price is currently trading above $96,200 and the 100 hourly Simple moving average.

On the upside, immediate resistance is near the $96,800 level or the 61.8% Fib retracement level of the decline from the $98,825 swing high to the $93,288 low. The first key resistance is near the $97,200 level. The next key resistance could be $98,000.

A close above the $98,000 resistance may open the doors for a further rally. In the stated case, the price could rise and attempt to test the $98,800 resistance level. Any further gains may lead the price towards the $99,500 level or even $100,000.

Another Decline In BTC?

If Bitcoin fails to clear the $97,000 resistance zone, it could begin a fresh decline. Immediate support on the downside is near the $96,100 level. The first major support is near the $96,000 level.

The next support is now forming near the $95,500 zone. Any further losses may lead the price towards the $94,200 support in the near term. The main support sits at $93,400.

Technical indicators:

Hourly MACD – The MACD is now slowly 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 – $96,100, followed by $96,000.

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