Bitcoin Price Surpasses $100,000 After Increase Above $97,500
Bitcoin price remains above the $95,500 zone, currently trading over $100,000 after a 5% increase.
- Bitcoin initiated an increase above $97,500.
- The price is above $98,800 and the 100-hourly Simple Moving Average.
- A key bearish trend line at $97,500 was broken on the hourly chart of the BTC/USD pair (data from Kraken).
- Potential for a correction before attempting to exceed the $102,000 resistance zone.
Bitcoin Price Regains Strength
Bitcoin formed a base and increased above $98,000, surpassing both $98,800 and $99,200 levels.
A break above the bearish trend line at $97,500 occurred. The price cleared $100,000, reaching a high of $101,900, and is now consolidating gains.
The price is retracing toward the 23.6% Fib level from the $94,314 low to the $101,900 high, trading above $100,000 and the 100-hourly Simple Moving Average.
Resistance could appear near $101,400, with the first major resistance at $102,000. A clear movement above $102,000 may lead to further increases, targeting $104,000 and potentially $105,000. Additional gains might push the price towards $108,000.
Another Decline In BTC?
If Bitcoin does not rise above $102,000, it may enter another downward correction. Immediate support is near $100,000.
The first significant support is around $98,200 or the 50% Fib retracement level from the recent wave. The next support is near $97,250, with potential declines leading to the $95,000 support level.
Technical indicators:
Hourly MACD indicates bullish momentum.
Hourly RSI for BTC/USD is above 50.
Major Support Levels: $100,200 and $98,200.
Major Resistance Levels: $102,000 and $104,000.