Bitcoin price is recovering losses above the $95,000 zone. Bitcoin is gaining pace and might continue higher if it clears the $98,000 resistance zone.

v Bitcoin started a fresh recovery above the $95,500 zone.

v The price is trading above $96,500 and  Simple moving average.

v There is a connecting bullish trend line forming with support at $95,000 on the hourly chart of the BTC/USD pair

Bitcoin Price Recovers Further

v Bitcoin price started a decent upward move above the $93,200 resistance zone. BTC was able to climb above the $94,200 and $95,000 resistance levels.

v The price was able to clear many hurdles near the $96,500 level. It even spiked above $97,500. A high was formed at $97,719 and the price is now consolidating gains above the 23.6% Fib retracement level of the recent upward move from the $92,588 swing low to the $97,719 high.

 

v There is also a connecting bullish trend line forming with support at $92,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $92,500 and the 100 hourly Simple moving average. The trend line is near the 50% Fib retracement level of the recent upward move from the $92,550 swing low to the $97,800 high.

v On the upside, immediate resistance is near the $97,100 level. The first key resistance is near the $98,000 level. A clear move above the $98,000 resistance might send the price higher.

v The next key resistance could be $98,900. 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 Drop In Bitcoin?

v If Bitcoin fails to rise above the $97,900 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $96,550 level.

v The first major support is near the $95,540 level. The next support is now near the $94,550 zone. Any more losses might send the price toward the $93,232 .