Bitcoin Price Climbs: Is This the Start of a Bigger Rally?
2025-01-06
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Bitcoin price is recovering losses above the $98,000 zone. BTC is gaining pace and might continue higher if it clears the $100,000 resistance zone.
Bitcoin Price Recovers Further
Bitcoin price started a decent upward move above the $95,500 resistance zone. BTC was able to climb above the $96,200 and $97,000 resistance levels.
The price was able to clear many hurdles near the $98,500 level. It even spiked above $99,500. A high was formed at $99.739 and the price is now consolidating gains above the 23.6% Fib retracement level of the recent upward move from the $97,250 swing low to the $99,793 high.
There is also a connecting bullish trend line forming with support at $97,800 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $97,500 and the 100 hourly Simple moving average. The trend line is near the 76.4% Fib retracement level of the recent upward move from the $97,250 swing low to the $99,793 high.
On the upside, immediate resistance is near the $99,800 level. The first key resistance is near the $100,000 level. A clear move above the $100,000 resistance might send the price higher.
The next key resistance could be $102,500. A close above the $102,500 resistance might send the price further higher. In the stated case, the price could rise and test the $105,00 resistance level. Any more gains might send the price toward the $108,000 level.
Another Drop In BTC?
If Bitcoin fails to rise above the $100,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $98,500 level.
The first major support is near the $97,800 level. The next support is now near the $96,550 zone. Any more losses might send the price toward the $95,000 support in the near term.
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 – $98,500, followed by $96,550.
Major Resistance Levels – $99,800 and $100,000.