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

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

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

  • Bitcoin began a recent enhance from the $95,200 zone.
  • The worth 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 Price Eyes Recent Enhance

Bitcoin worth remained in a variety above the $95,000 assist degree. BTC examined the $95,200 zone. A low was shaped at $95,352 and the worth just lately began a recent enhance inside a variety.

There was a transfer above the $95,500 and $96,000 ranges. The worth spiked and examined the 50% Fib retracement degree of the downward transfer from the $98,077 swing excessive to the $95,352 low. There may be 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 degree. The primary key resistance is close to the $97,000 degree or the 61.8% Fib retracement degree of the downward transfer from the $98,077 swing excessive to the $95,352 low.

Supply: BTCUSD on TradingView.com

The following key resistance might be $98,000. An in depth above the $98,000 resistance would possibly ship the worth additional greater. Within the acknowledged case, the worth may rise and check the $98,500 resistance degree. Any extra positive aspects would possibly ship the worth towards the $100,000 degree 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 degree. The primary main assist is close to the $95,500 degree.

The following assist is now close to the $95,000 zone. Any extra losses would possibly 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 shedding tempo within the bullish zone.

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

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

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

Supply hyperlink

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