Bitcoin Price Stuck In Consolidation—Is a Big Move Coming?

Bitcoin price is consolidating above the $95,000 support zone. BTC must settle above the $100,000 level to start a fresh increase in the near term.

• Bitcoin started a fresh increase from the $94,200 zone.
• The price is trading above $96,500 and the 100 hourly Simple moving average.
• There was a break above a connecting bearish trend line with resistance at $96,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it clears the $98,500 zone.

Bitcoin Price Eyes Fresh Increase

Bitcoin price extended losses below the $95,000 support level. BTC tested the $94,200 zone. A low was formed at $94,111 and the price recently started a fresh increase within a range.

There was a move above the $95,000 and $96,000 levels. The price cleared the 50% Fib retracement level of the downward move from the $98,440 swing high to the $94,111 low. There was a break above a connecting bearish trend line with resistance at $96,000 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $96,500 and the 100 hourly Simple moving average. It is also above the 61.8% Fib retracement level of the downward move from the $98,440 swing high to the $94,111 low.

On the upside, immediate resistance is near the $98,000 level. The first key resistance is near the $98,500 level. The next key resistance could be $99,500. A close above the $99,500 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 $100,500 level or even $102,000.

Another Decline In BTC?

If Bitcoin fails to rise above the $98,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $97,200 level. The first major support is near the $96,750 level.

The next support is now near the $96,200 zone. Any more losses might send the price toward the $95,000 support in the near term. The main support sits at $94,200.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

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

Major Support Levels – $96,200, followed by $95,000.

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