Bitcoin Price Faces Challenges: Will It Break Through and Rise?

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Bitcoin price is attempting a recovery wave above the $93,200 zone. BTC is rising and might face resistance near the $97,500 zone.


  • Bitcoin started a recovery wave above the $95,000 zone.

  • The price is trading above $95,500 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 stays above the $95,450 support zone.


Bitcoin Price Regains Traction Above Below $95K


Bitcoin price started a short-term recovery wave above the $92,000 zone. BTC was able to climb above the $93,500 and $94,200 levels.

The bulls were able to push the price above the key barrier at $95,800. The price even cleared $97,000. A high was formed at $97,431 and the price is now consolidating gains and is well above the 23.6% Fib retracement level of the upward move from the $89,115 swing low to the $97,431 high.


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 above $95,000 and the 100 hourly Simple moving average.


On the upside, immediate resistance is near the $97,450 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.


Bitcoin Price


A close above the $98,800 resistance might send the price further higher. In the stated case, the price could rise and test the $100,000 resistance level. Any more gains might send the price toward the $102,500 level.


Another Drop In BTC?


If Bitcoin fails to rise above the $98,800 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $96,000 level and the trend line. The first major support is near the $94,500 level.


The next support is now near the $93,200 zone or the 50% Fib retracement level of the upward move from the $89,115 swing low to the $97,431 high. Any more losses might send the price toward the $92,000 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 – $96,000, followed by $94,500.

Major Resistance Levels – $97,450 and $98,800.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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