Bitcoin is currently in a consolidation phase below the $100,000 resistance level. BTC bulls are eyeing this milestone and may soon aim to break it, thereby pushing the price higher. The recent increase started above the $96,500 zone, but the price remains below $98,000 and the 100-hourly Simple moving average.
A bearish trend line is forming with resistance at $98,000 in the BTC/USD hourly chart, which indicates that the pair might rise if it clears this resistance zone. Bitcoin has been supported above the $92,500 level, forming a base and initiating a fresh increase above $96,000.
Bitcoin price reached a new high at $99,650 before experiencing a pullback to below $98,000. A low was noted at $95,973, but the price is recovering and moved above the $96,800 resistance level. Key resistance levels at $98,000 and $99,000 are crucial for further gains.
If BTC clears the $98,000 resistance, it could face more hurdles at $99,000 and potentially $100,000. A clear move and close above $100,000 might propel BTC towards the $102,500 and $105,000 levels. Technical indicators suggest support levels near $96,800 and resistance at $98,000.
If BTC fails to clear $98,000, it could trigger a downside correction with support near $96,800 and $95,000. A break below these levels might drag the price toward $92,000.
