Bitcoin Price Displays Bullish Signs: A Recovery In The Making?

Bitcoin price started a fresh upward move above $102,000. BTC is rising and might gain pace for a move above the $105,000 resistance zone. Bitcoin started a decent upward move above the $102,000 zone. The price is trading above $103,500 and the 100 hourly Simple moving average. There was a break above a key bearish trend line with resistance at $102,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another decline if it stays below the $105,000 zone. Bitcoin Price Breaks Resistance Bitcoin price started a decent increase above the $100,000 resistance zone . BTC was able to surpass the $102,000 and $102,200 resistance levels to move into a positive zone. There was a break above a key bearish trend line with resistance at $102,400 on the hourly chart of the BTC/USD pair. The pair climbed above the 61.8% Fib retracement level of the downward wave from the $107,080 swing high to the $97,688 low. It even cleared the $103,500 resistance zone. The pair settled in a positive zone and now faces hurdles near the $105,000 zone. Bitcoin price is now trading above $103,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $104,800 level or the 76.4% Fib retracement level of the downward wave from the $107,080 swing high to the $97,688 low. The first key resistance is near the $105,000 level. The next key resistance could be $105,500. A close above the $105,500 resistance might send the price further higher. In the stated case, the price could rise and test the $107,000 resistance level. Any more gains might send the price toward the $108,800 level in the short term. Another Decline In BTC? If Bitcoin fails to rise above the $105,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $103,200 level. The first major support is near the $102,000 level. The next support is now near the $101,200 zone. Any more losses might send the price toward the $100,000 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 – $103,200, followed by $102,000. Major Resistance Levels – $105,000 and $107,000.

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