Bitcoin Price Eyes $100K as Bulls Regain Momentum, Buy Dips?

Bitcoin price started a fresh increase above the $96,500 zone. BTC is rising and might aim for a move toward the $100,000 resistance.

• Bitcoin started a decent increase above the $96,500 resistance 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 $97,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it clears the $98,800 zone.

Bitcoin Price Regains Traction

Bitcoin price started a fresh increase from the $93,500 support zone. BTC formed a base and was able to clear the $95,000 resistance zone. The bulls even pushed the price above $96,500.

There was a break above a connecting bearish trend line with resistance at $97,200 on the hourly chart of the BTC/USD pair. The pair spiked above $98,000 and tested $98,300. A high is formed at $98,292 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $95,824 swing low to the $98,292 high.

Bitcoin is now trading above $97,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $98,250 level. The first key resistance is near the $98,500 level.

The next key resistance could be $98,800. A close above the $98,800 resistance might send the price further higher. In the stated case, the price could rise and test the $99,500 resistance level. Any more gains might send the price toward the $100,000 level.

Another Decline In BTC?

If Bitcoin fails to rise above the $98,250 resistance zone, it could start another downside correction. Immediate support on the downside is near the $97,700 level. The first major support is near the $97,000 level and the 50% Fib retracement level of the upward move from the $95,824 swing low to the $98,292 high.

The next support is now near the $96,400 zone. Any more losses might send the price toward the $95,500 support in the near term. The main support sits at $94,200.

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 – $97,000, followed by $96,400.

Major Resistance Levels – $98,250 and $98,800.