Bitcoin Price Surpasses $100,000 Amid Positive Market Trends
Bitcoin price is recovering above the $100,000 zone, showing potential for further increases if it surpasses the $102,500 resistance.
- Bitcoin initiated an increase above the $98,800 level.
- The price is above $100,000 and the 100-hour Simple Moving Average.
- A short-term bullish trend line forms with support at $99,800 on the hourly BTC/USD chart (data from Kraken).
- The pair may rise further if it remains above the $98,500 support zone.
Bitcoin Price Reclaims $100K
Bitcoin began a notable upward move above the $96,500 resistance. It surpassed the $97,200 and $98,800 levels.
The price cleared obstacles near $100,000, reaching a high of $102,479, and is consolidating gains above the 23.6% Fib retracement level from the $97,251 swing low to the $102,479 high.
A bullish trend line with support at $99,800 is evident on the hourly BTC/USD chart, close to the 50% Fib retracement level from the recent upward movement.
Bitcoin is currently trading above $100,500 and the 100-hour Simple Moving Average. Immediate resistance is near $102,500, while the first key resistance level is around $103,200. A decisive move above $103,200 could lead to further price increases.
Next key resistance may be at $104,500. A close above $105,000 might push the price higher, potentially testing the $106,500 resistance. Further gains could drive the price towards $108,000.
Another Drop In BTC?
If Bitcoin does not break through the $102,500 resistance, it may experience a decline. Immediate support is near $101,250.
Major support levels are at $100,000 and $98,550. Additional losses could lead to a drop towards the $96,500 support level.
Technical indicators:
Hourly MACD – Gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – Above 50 for BTC/USD.
Major Support Levels – $101,250, followed by $100,000.
Major Resistance Levels – $102,500 and $103,200.