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

Bitcoin worth is consolidating above the $95,000 assist zone. BTC should settle above the $100,000 stage to start out an honest enhance within the close to time period.

Bitcoin began a recent enhance from the $95,200 zone.
The value is buying and selling close to $96,500 and the 100 hourly Easy transferring common.
There’s a connecting bullish development line forming with assist at $96,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair may begin one other enhance if it clears the $98,500 zone.

Bitcoin Value Eyes Recent Enhance

Bitcoin worth remained in a spread above the $95,000 assist stage. BTC examined the $95,200 zone. A low was shaped at $95,352 and the worth not too long ago began a recent enhance inside a spread.

There was a transfer above the $95,500 and $96,000 ranges. The value spiked and examined the 50% Fib retracement stage of the downward transfer from the $98,077 swing excessive to the $95,352 low. There’s additionally a connecting bullish development line forming with assist at $96,000 on the hourly chart of the BTC/USD pair.

Bitcoin worth is now buying and selling close to $96,500 and the 100 hourly Easy transferring common. On the upside, quick resistance is close to the $96,700 stage. The primary key resistance is close to the $97,000 stage or the 61.8% Fib retracement stage of the downward transfer from the $98,077 swing excessive to the $95,352 low.

The subsequent key resistance might be $98,000. A detailed above the $98,000 resistance may ship the worth additional increased. Within the said case, the worth may rise and check the $98,500 resistance stage. Any extra beneficial properties may ship the worth towards the $100,000 stage and even $100,500.

One other Decline In BTC?

If Bitcoin fails to rise above the $98,000 resistance zone, it may begin a recent decline. Fast assist on the draw back is close to the $96,000 stage. The primary main assist is close to the $95,500 stage.

The subsequent assist is now close to the $95,000 zone. Any extra losses may ship the worth towards the $93,500 assist within the close to time period. The primary assist sits at $92,200.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 stage.

Main Assist Ranges – $96,000, adopted by $95,000.

Main Resistance Ranges – $97,000 and $98,500.