Bitcoin Surges with Positive Bias Toward Key Levels

Bitcoin price started a fresh increase from the $78,000 support zone. BTC must clear $95,000 to continue higher in the near term.

• Bitcoin started a fresh increase above the $90,000 resistance zone.
• The price is trading above $92,000 and the 100 hourly Simple moving average.
• There is a connecting bullish trend line forming with support at $89,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another decline if it fails to stay above the $87,000 zone.

Bitcoin Price Rallies Over 10K

Bitcoin price extended losses below the $80,000 level before the bulls appeared. BTC traded as low as $78,011 and recently started a strong increase. There was a move above the $85,000 and $88,000 resistance levels.

The price surged over 10% and cleared the $90,000 level. It tested the $95,000 resistance. A high was formed at $95,000 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $84,500 swing low to the $95,000 high.

Bitcoin price is now trading above $92,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $89,750 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $94,000 level. The first key resistance is near the $95,000 level.

The next key resistance could be $96,500. A close above the $96,500 resistance might send the price further higher. In the stated case, the price could rise and test the $98,500 resistance level. Any more gains might send the price toward the $100,000 level or even $100,500.

Are Dips Supported In BTC?

If Bitcoin fails to rise above the $95,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $92,000 level. The first major support is near the $90,000 level.

The next support is now near the $88,500 zone and the 50% Fib retracement level of the upward move from the $84,500 swing low to the $95,000 high. Any more losses might send the price toward the $87,000 support in the near term. The main support sits at $85,500.

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 – $92,000, followed by $90,000.

Major Resistance Levels – $94,000 and $95,000.