A Make-or-Break Moment for Bulls

Bitcoin price is attempting a recovery wave above the $98,000 zone. BTC is rising and now struggles to settle above the $100,000 zone.

• Bitcoin started a recovery wave above the $98,000 zone.
• The price is trading above $98,500 and the 100 hourly Simple moving average.
• There is a connecting bullish trend line forming with support at $98,000 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 Tests Hurdles At $100K

Bitcoin price started a short-term recovery wave above the $95,000 zone. BTC was able to climb above the $96,500 and $97,200 levels.

The bulls were able to push the price above the key barrier at $98,000. The price even cleared $98,800. A high was formed at $100,731 and the price is now consolidating gains and is well above the 23.6% Fib retracement level of the upward move from the $89,114 swing low to the $100,731 high.

There is also a connecting bullish trend line forming with support at $98,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $98,800 and the 100 hourly Simple moving average.

On the upside, immediate resistance is near the $100,000 level. The first key resistance is near the $100,500 level. A clear move above the $100,500 resistance might send the price higher. The next key resistance could be $104,000.

A close above the $104,000 resistance might send the price further higher. In the stated case, the price could rise and test the $106,000 resistance level. Any more gains might send the price toward the $108,500 level.

Downside Correction In BTC?

If Bitcoin fails to rise above the $100,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $98,000 level and the trend line. The first major support is near the $97,350 level.

The next support is now near the $95,000 zone or the 50% Fib retracement level of the upward move from the $89,114 swing low to the $100,731 high. 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 – $98,000, followed by $97,350.

Major Resistance Levels – $100,000 and $100,500.