Bitcoin price is recovering losses above the $100,000 area. BTC shows positive signs and may continue to rise if it breaks through the resistance zone of $102,500.
Bitcoin starts to rise significantly above $98,800.
The price is currently above $100,000 and the 100-hour simple moving average.
On the hourly chart of BTC/USD, a short-term bullish trend line has formed, with support at $99,800 (data from Kraken).
If the currency pair stays above the support area of $98,500, it may start to rise again.
Bitcoin price rises back to $100,000
Bitcoin price starts to rise steadily above the resistance area of $96,500. BTC is able to climb above the resistance levels of $97,200 and $98,800.
The price has broken through many obstacles near $100,000. It even surged above $102,000. The price formed a high at $102,479, and is currently consolidating above the 23.6% Fibonacci retracement level of the recent increase from the swing low of $97,251 to the high of $102,479.
A short-term bullish trend line has also formed on the hourly chart of BTC/USD, with support at $99,800. This trend line is close to the 50% Fibonacci retracement level of the recent upward movement from the swing low of $97,251 to the high of $102,479.
Bitcoin price is currently trading above $100,500 and the 100-hour simple moving average. On the upside, direct resistance is near $102,500. The first key resistance level is around $103,200. If there is a clear breakout above the resistance level of $103,200, the price may rise.
The next key resistance level may be $104,500. A closing price above the resistance level of $105,000 could further push prices higher. In this case, the price may rise and test the resistance level of $106,500. If it rises further, the price could drop to the level of $108,000.
BTC declines again?
If Bitcoin fails to break through the resistance zone of $102,500, it may start a new round of declines. The immediate support level on the downside is around $101,250.
The first major support level is near $100,000. The next support level is currently around the $98,550 area. If the price declines further, it may fall to the support level of $96,500 in the short term.
Technical indicators:
Hourly MACD – The MACD is currently accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI of BTC/USD is now above the 50 level.
Major support level - $101,250, followed by $100,000.
Major resistance levels - $102,500 and $103,200.
