Bitcoin Price Turns Higher — Relief Rally Follows Reduction In Global Risk

Bitcoin price started a fresh increase from the $98,250 zone. BTC is now consolidating and might aim for a move above the $106,500 resistance.

• Bitcoin started a fresh increase above the $102,000 zone.
• The price is trading above $102,500 and the 100 hourly Simple moving average.
• There was a break above a key bearish trend line with resistance at $101,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start a fresh increase if it stays above the $102,500 zone.

Bitcoin Price Recovers Ground

Bitcoin price started a fresh increase from the $98,500 zone. BTC gained pace after Trump announced a ceasefire. The price was able to climb above the $102,000 and $103,200 levels.

Besides, there was a break above a key bearish trend line with resistance at $101,500 on the hourly chart of the BTC/USD pair. The pair cleared the 61.8% Fib retracement level of the downward move from the $106,470 swing high to the $98,277 low.

Finally, the price traded close to the $106,000 level. Bitcoin is now trading above $104,000 and the 100 hourly Simple moving average. It is also above the 76.4% Fib retracement level of the downward move from the $106,470 swing high to the $98,277 low.

On the upside, immediate resistance is near the $106,000 level. The first key resistance is near the $106,200 level. The next key resistance could be $106,500. A close above the $106,500 resistance might send the price further higher. In the stated case, the price could rise and test the $108,000 resistance level. Any more gains might send the price toward the $110,000 level.

Another Drop In BTC?

If Bitcoin fails to rise above the $106,000 resistance zone, it could start another decline. Immediate support is near the $104,000 level. The first major support is near the $103,500 level.

The next support is now near the $102,500 zone. Any more losses might send the price toward the $101,200 support in the near term. The main support sits at $100,000, below which BTC might struggle to find bids.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $104,000, followed by $103,500.

Major Resistance Levels – $106,000 and $106,500.