Bitcoin Price Faces Strong Resistance—Will Bulls Hold Their Ground?

[Bitcoin]

Bitcoin Price Faces Strong Resistance--Will Bulls Hold Their Ground?

Bitcoin price is consolidating above the $95,000 support zone. BTC must settle above the $100,000 level to start a decent increase in the near term.

• Bitcoin started a fresh increase from the $95,200 zone.


• The price is trading near $96,500 and the 100 hourly Simple moving average.


• There is a connecting bullish trend line forming with support at $96,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).


• The pair could start another increase if it clears the $98,500 zone.

Bitcoin Price Eyes Fresh Increase

Bitcoin price remained in a range above the $95,000 support level. BTC tested the $95,200 zone. A low was formed at $95,352 and the price recently started a fresh increase within a range.

There was a move above the $95,500 and $96,000 levels. The price spiked and tested the 50% Fib retracement level of the downward move from the $98,077 swing high to the $95,352 low. There is also a connecting bullish trend line forming with support at $96,000 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading near $96,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $96,700 level. The first key resistance is near the $97,000 level or the 61.8% Fib retracement level of the downward move from the $98,077 swing high to the $95,352 low.

The next key resistance could be $98,000. A close above the $98,000 resistance might send the price further higher. In the stated case, the price could rise and test the $98,500 resistance level. Any more gains might send the price toward the $100,000 level or even $100,500.

Another Decline In BTC?

If Bitcoin fails to rise above the $98,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $96,000 level. The first major support is near the $95,500 level.

The next support is now near the $95,000 zone. Any more losses might send the price toward the $93,500 support in the near term. The main support sits at $92,200.

Technical indicators:

Hourly MACD - The MACD is now losing pace in the bullish zone.

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

Major Support Levels - $96,000, followed by $95,000.

Major Resistance Levels - $97,000 and $98,500.

Source: Bitcoin Price Faces Strong Resistance--Will Bulls Hold Their Ground?