The post Bitcoin Price Recovers Strongly—Is a New Rally Beginning? appeared on BitcoinEthereumNews.com.

Bitcoin price started a recovery wave above the $96,500 zone. BTC is rising and might aim for a move above the $98,800 resistance zone. Bitcoin started a decent recovery wave above the $96,500 zone. The price is trading above $97,000 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support near $97,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it stays above the $96,400 zone. Bitcoin Price Aims Higher Bitcoin price formed a base above the $94,500 level and started a recovery wave. BTC was able to surpass the $95,000 and $96,400 resistance levels. The price even cleared the $97,500 resistance level. The bulls even pushed the price above $98,500. A high was formed near $98,725 and the price is now consolidating gains. The price is stable above the 23.6% Fib retracement level of the upward move from the $93,370 swing low to the $98,725 high. Bitcoin price is now trading above $97,200 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $97,600 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com On the upside, immediate resistance is near the $98,500 level. The first key resistance is near the $98,800 level. The next key resistance could be $99,500. A close above the $99,500 resistance might send the price further higher. In the stated case, the price could rise and test the $100,000 resistance level. Any more gains might send the price toward the $100,500 level or even $102,000. Another Decline In BTC? If Bitcoin fails to rise above the $98,800 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $97,500 level.…

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Filed under: News - @ February 21, 2025 3:16 am