Bitcoin (BTC) Price Starts Recovery, Might Continue to Rise if it Clears the $100K Resistance Zone

Bitcoin price remained supported near $92,500 and started a recovery wave. BTC was able to climb above the $94,500 and $95,000 resistance levels.

Bitcoin price remained supported above $92,500 after a strong bullish breakout. BTC might continue to rise if it clears the $100,000 resistance zone.

Bitcoin price started a recovery wave from the recent low of $92,417. After forming a base, BTC was able to climb above the $94,500 and $95,000 resistance levels.

There was a break above a key bearish trend line with resistance at $95,000 on the hourly chart of the BTC/USD pair (Binance). The trend line was connecting lower highs and had a resistance point near the $94,500 level.

The pair cleared the $98,000 resistance level and traded close to the $100,000 resistance level. A high was formed at $99,400 and the price is now consolidating gains.

It declined a few points below the 23.6% Fib retracement level of the upward move from the $92,417 swing low to the $99,400 high. However, bitcoin price is still trading above $95,000 and the 100 hourly Simple moving average.

On the upside, immediate resistance is forming near the $99,000 level. The first key resistance is forming near the $99,500 level or the recent high. A clear move above the $99,500 resistance might send the price higher toward the $100,000 resistance level.

The next key resistance could be at $100,000. A close above the $100,000 resistance might send the price further higher toward the $102,500 resistance level. Any more gains might send the price toward the $104,000 level.

Another Decline In BTC?

If BTC fails to rise above the $99,000 resistance zone, it could continue to move down. Immediate support on the downside is forming near the $97,000 level.

The first major support is forming near the $96,000 level or the 50% Fib retracement level of the upward move from the $92,417 swing low to the $99,400 high. The next support is now forming near the $93,200 zone.

Any more losses might send the price toward the $92,500 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 – $97,000, followed by $96,000.

Major Resistance Levels – $99,000 and $100,000.