Bitcoin Price Edges Higher But Remains Stuck In a Tight Zone

Bitcoin price started a recovery wave above the $94,500 zone. BTC is rising within a range and might revisit the $98,000 resistance zone.

• Bitcoin started a decent recovery wave above the $95,500 zone.
• The price is trading above $96,000 and the 100 hourly Simple moving average.
• There was a break above a key bearish trend line with resistance at $96,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it stays above the $96,000 zone.

Bitcoin price formed a base above the $93,500 level and started a recovery wave. BTC was able to surpass the $94,000 and $94,200 resistance levels.

There was a move above the 50% Fib retracement level of the downward move from the $98,825 swing high to the $93,288 low. Besides, there was a break above a key bearish trend line with resistance at $96,700 on the hourly chart of the BTC/USD pair.

The pair even surpassed the $96,500 level and now faces hurdles near the $96,800 zone. Bitcoin price is now trading above $96,200 and the 100 hourly Simple moving average.

On the upside, immediate resistance is near the $96,800 level or the 61.8% Fib retracement level of the downward move from the $98,825 swing high to the $93,288 low. The first key resistance is near the $97,200 level. The next key resistance could be $98,000.

A close above the $98,000 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 or even $100,000.

If Bitcoin fails to rise above the $97,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $96,100 level. The first major support is near the $96,000 level.

The next support is now near the $95,500 zone. Any more losses might send the price toward the $94,200 support in the near term. The main support sits at $93,400.

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 – $96,100, followed by $96,000.

Major Resistance Levels – $97,000 and $98,000.