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Bitcoin price gains key support
The bitcoin price has risen again above the 95,500 US dollar resistance area. BTC was able to break through the resistance levels of 96,500 US dollars and 98,000 US dollars.
The bulls were able to push the price up above the 61.8% Fibonacci retracement level of the downward wave from the high of 104,015 US dollars to the low of 91,800 US dollars. However, the bears appear to be active above 101,000 US dollars. They ensured that the closing price was above 102,000 US dollars.
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The price is struggling to stabilize above the 76.4% Fibonacci retracement level of the downward wave from the high of 104,015 US dollars to the low of 91,800 US dollars.
The bitcoin price is currently below 100,500 US dollars and the 100-hour simple moving average. A key bullish trend line has also formed on the hourly chart of BTC/USD, with support at 99,000 US dollars.
From the upside, the price may face resistance around 100,000 US dollars. The first key resistance level is around 101,250 US dollars. If the price can clearly break above the 101,250 US dollars resistance, it may further rise. The next key resistance level may be 102,000 US dollars.
A breakout of the 102,000 US dollars resistance level could further push the price higher. In this case, the price may rise and test the 104,200 US dollars resistance level. If the uptrend continues, the price may reach the 108,000 US dollars level.
Will BTC drop again?
If bitcoin fails to break above the 101,250 US dollars resistance area, it may start another downward correction. The immediate downside support is around the 99,000 US dollars level and the trend line.
The first major support is around 97,800 US dollars. The next support is currently around the 96,000 US dollars area. If the price falls further, it may drop to the 95,000 US dollars support level in the short term.
