Bitcoin Price Displays Power: Could This Be the Start of a Surge?

Bitcoin price is recovering losses above the $95,000 zone. BTC is gaining pace and might continue higher if it clears the $98,000 resistance zone.

Bitcoin started a fresh recovery above the $95,500 zone.
The price is trading above $96,500 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support at $95,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $95,000 support zone.

Bitcoin Price Recovers Further

Bitcoin price started a decent upward move above the $93,200 resistance zone. BTC was able to climb above the $94,200 and $95,000 resistance levels.

The price was able to clear many hurdles near the $96,500 level. It even spiked above $97,500. A high was formed at $97,719 and the price is now consolidating gains above the 23.6% Fib retracement level of the recent upward move from the $92,588 swing low to the $97,719 high.

There is also a connecting bullish trend line forming with support at $95,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $95,500 and the 100 hourly Simple moving average. The trend line is near the 50% Fib retracement level of the recent upward move from the $92,588 swing low to the $97,719 high.

On the upside, immediate resistance is near the $97,500 level. 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 $98,800. A close above the $98,800 resistance might send the price further higher. In the stated case, the price could rise and test the $99,500 resistance level. Any more gains might send the price toward the $100,000 level.

Another Drop 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 $96,500 level.

The first major support is near the $95,000 level. The next support is now near the $94,550 zone. Any more losses might send the price toward the $93,200 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 – $96,500, followed by $95,500.

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

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