Bitcoin Price Rally Incoming? Bulls Target $95K and Beyond
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Bitcoin price is rising again above the $94,000 zone. BTC is showing positive signs and might aim for a move above the $95,500 resistance zone.
- Bitcoin remained supported above the $92,500 zone.
- The price is trading above $94,000 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $95,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it clears the $95,500 zone.
Bitcoin Price Eyes Fresh Rally
Bitcoin price started a short-term downside correction from the $95,250 resistance zone. BTC declined below the $95,000 and $94,500 support levels.
The bears pushed the price below the $93,500 support. However, the bulls were active near the $93,000 support. A low was formed at $92,970 and the price started a fresh increase. There was a move above the $93,500 and $93,800 resistance levels.
The price climbed above the 50% Fib retracement level of the downward move from the $95,195 swing high to the $92,970 low. Bitcoin price is now trading above $94,000 and the 100 hourly Simple moving average.
The price is also above the 76.4% Fib retracement level of the downward move from the $95,195 swing high to the $92,970 low. On the upside, immediate resistance is near the $95,000 level. There is also a connecting bearish trend line forming with resistance at $95,000 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $95,250 level. The next key resistance could be $95,500. A close above the $95,500 resistance might send the price further higher. In the stated case, the price could rise and test the $96,500 resistance level. Any more gains might send the price toward the $98,000 level.
Another Decline In BTC?
If Bitcoin fails to rise above the $95,500 resistance zone, it could start another downside correction. Immediate support on the downside is near the $94,200 level. The first major support is near the $93,500 level.
The next support is now near the $93,000 zone. Any more losses might send the price toward the $92,500 support in the near term. The main support sits at $91,200.
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 – $94,500, followed by $93,500.
Major Resistance Levels – $95,250 and $95,500.
