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Bitcoin price is attempting a recovery wave from the $89,200 zone. BTC is rising and might face resistance near the $95,800 zone.
- Bitcoin started a recovery wave from the $89,200 zone.
- The price is trading above $94,000 and the 100 hourly Simple moving average.
- There was a break above a connecting bearish trend line with resistance at $92,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it stays above the $92,450 support zone.
Bitcoin Price Eyes Recovery Above Below $95K
Bitcoin price started a short-term recovery wave after a sharp dip below the $90,000 zone. BTC was able to climb above the $91,500 and $93,200 levels.
The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $95,808 swing high to the $89,115 low. Besides, there was a break above a connecting bearish trend line with resistance at $92,000 on the hourly chart of the BTC/USD pair.
However, the bears are still active below the $95,500 level. Bitcoin price is now trading above $94,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $95,200 level.
The first key resistance is near the $95,800 level. A clear move above the $95,800 resistance might send the price higher. The next key resistance could be $97,400 or the 1.236 Fib extension level of the downward move from the $95,808 swing high to the $89,115 low.
A close above the $97,400 resistance might send the price further higher. In the stated case, the price could rise and test the $98,800 resistance level. Any more gains might send the price toward the $99,500 level.
Another Drop In BTC?
If Bitcoin fails to rise above the $95,800 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $94,000 level.
The first major support is near the $93,200 level. The next support is now near the $92,200 zone. Any more losses might send the price toward the $90,000 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 – $94,000, followed by $93,200.
Major Resistance Levels – $95,200 and $95,800.
