{"id":46465,"date":"2025-02-21T02:55:07","date_gmt":"2025-02-21T02:55:07","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=46465"},"modified":"2025-02-21T02:55:07","modified_gmt":"2025-02-21T02:55:07","slug":"bitcoin-price-recovers-strongly-is-a-new-rally-beginning","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=46465","title":{"rendered":"Bitcoin Price Recovers Strongly\u2014Is a New Rally Beginning?"},"content":{"rendered":"

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.<\/em><\/p>\n

Bitcoin started a decent recovery wave above the $96,500 zone.
\nThe price is trading above $97,000 and the 100 hourly Simple moving average.
\nThere 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).
\nThe pair could start another increase if it stays above the $96,400 zone.<\/p>\n

Bitcoin Price Aims Higher<\/h2>\n

Bitcoin price formed a base above the $94,500 level and started a recovery wave<\/a>. BTC was able to surpass the $95,000 and $96,400 resistance levels.<\/p>\n

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.<\/p>\n

Bitcoin price is now trading above $97,200 and the 100 hourly Simple moving average<\/a>. There is also a key bullish trend line forming with support near $97,600 on the hourly chart of the BTC\/USD pair.<\/p>\n

<\/a><\/p>\n

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.<\/p>\n

Another Decline In BTC?<\/h2>\n

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. The first major support is near the $96,500 level and the 50% Fib retracement level of the upward move from the $93,370 swing low to the $98,725 high.<\/p>\n

The next support is now near the $95,500 zone. Any more losses might send the price toward the $94,200 support in the near term. The main support sits at $93,400.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $97,500, followed by $96,500.<\/p>\n

Major Resistance Levels \u2013 $98,500 and $100,000.<\/p>","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":0,"featured_media":46466,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-46465","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/46465"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=46465"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/46465\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/46466"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46465"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46465"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46465"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}