Bitcoin Price Recovers Above $102,000

Bitcoin price started a decent increase above the $101,500 resistance zone. BTC was able to surpass the $102,200 and $103,200 resistance levels

Bitcoin began a fresh decent upward move above the $101,500 resistance zone. BTC was able to clear the $102,200, $103,200, and even the $104,500 resistance levels to move into a positive zone.

The price settled in a positive zone and now faces hurdles near the $106,500 zone. A high was formed at $106,414 and the price is now correcting the gains. There was a move below the $105,000 level.

It is now testing the 23.6% Fib retracement level of the upward move from the $97,688 swing low to the $106,414 high. Bitcoin price is now trading above $103,000 and the 100 hourly Simple moving average.

On the hourly chart of the BTC/USD pair, we can also see a key bullish trend line forming with support at $103,500 (data feed from Kraken). On the upside, immediate resistance is present near the $105,500 level.

The first key resistance is found near the $106,500 level. The next key resistance could be at $107,000. A close above the $107,000 resistance might send the price further higher.

In the stated case, the price could rise and test the $108,800 resistance level. Any more gains might send the price toward the $110,000 level in the near term.

If Bitcoin fails to rise above the $105,000 resistance zone, it could start a fresh decline. Immediate support on the downside is present near the $103,500 level.

The first major support is found near the $102,500 level and the 50% Fib retracement level of the upward move from the $97,688 swing low to the $106,414 high. The next support is now near the $102,000 zone. Any more losses might send the price toward the $100,500 support in the near term.

Let’s take a look at the technical indicators to gain further insights into the price movement of bitcoin:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $103,500, followed by $102,500.

Major Resistance Levels – $105,500 and $106,500.