The price of Bitcoin is awaiting a major bullish breakout
The price of Bitcoin settled above the $93,500 level and started a new upward wave. Bitcoin managed to surpass the resistance levels at $94,000 and $94,200.
The optimists managed to push the price above the resistance level at $95,200. It recently reached a high of $95,488 and began a downward correction. The price fell below the 50% Fibonacci retracement level for the upward move from the swing low of $92,900 to the high of $95,488.
Nevertheless, the bulls were active near the support level of $93,500 and the 76.4% Fibonacci retracement level for the upward move from the swing low of $92,900 to the high of $95,488.
The price of Bitcoin is now trading above the $94,200 level and the 100-hour simple moving average. An upward trend line is forming with a support level at $94,200 on the hourly chart for the BTC/USD pair.
On the positive side, there is immediate resistance near the $95,250 level. The first major resistance is near the $95,500 level. The next major resistance may be at $96,250. A close above the resistance level of $96,250 could push the price higher. In this case, the price may rise and test the resistance level of $97,500. Any further gains may drive the price towards the $98,800 level.
