Bitcoin Price Bounces Back: Will the Climb Continue?

Bitcoin price is recovering higher above the $94,000 level. BTC is consolidating and aims for a fresh increase above the $97,000 level.

Bitcoin started a fresh increase from the $91,000 zone.
The price is trading above $95,000 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support at $95,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if it clears the $97,000 resistance zone.

Bitcoin Price Recovers Losses

Bitcoin price found support near the $91,000 zone. BTC formed a base and started a fresh increase above the $93,500 resistance zone. The bulls were able to push the price above the $95,000 resistance zone.

The price surpassed the 50% Fib retracement level of the downward move from the $98,880 swing high to the $90,735 low. There is also a connecting bullish trend line forming with support at $95,750 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $95,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $97,000 level. It is near the 76.4% Fib retracement level of the downward move from the $98,880 swing high to the $90,735 low.

The first key resistance is near the $98,000 level. A clear move above the $98,000 resistance might send the price higher. The next key resistance could be $99,200. A close above the $99,200 resistance might initiate more gains. In the stated case, the price could rise and test the $100,000 resistance level. Any more gains might send the price toward the $102,000 level.

Another Drop In BTC?

If Bitcoin fails to rise above the $97,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $95,750 level.

The first major support is near the $95,000 level. The next support is now near the $93,000 zone. Any more losses might send the price toward the $91,000 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 – $95,750, followed by $95,000.

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

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