Bitcoin price breakthrough confirmed - focus on the next key level!!
The price of Bitcoin has formed a bottom above $93,500. BTC has started a new round of upward movement and has broken through the resistance level of $95,500, laying the foundation for further increases.
Bulls even pushed the price above the resistance level of $96,500. The price formed a peak at $97,405 and is currently consolidating its gains. The price has slightly dipped below $97,000 and tested the 23.6% Fibonacci retracement level of the upward trend from the swing low of $92,970 to the swing high of $97,405.
The price of Bitcoin is currently trading above $95,000 and the 100-hour simple moving average. A bullish trend line has also appeared on the BTC/USD hourly chart, with support at $96,350.
On the upside, immediate resistance is around $97,200. The first key resistance is around $97,400. The next key resistance may be at $97,500. If the closing price breaks above the resistance level of $97,500, it may push the price higher. In this case, the price may rise and test the resistance level of $98,800. If it continues to rise, the price could head towards the $100,000 level.
Major support level - $96,500, followed by $95,500.
Major resistance levels - $97,500 and $98,000.
