Bitcoin Price Surpasses $96,000, Eyes $100,000 Resistance Level

Bitcoin price has increased above the $96,000 level and may continue to rise if it surpasses the $100,000 resistance zone.

Bitcoin's upward movement initiated above the $96,000 zone.
The price is trading above $96,500 and the 100 hourly Simple Moving Average.
A bullish trend line is forming with support at $98,500 on the hourly BTC/USD chart (data feed from Kraken).
The pair could increase further if it remains above the $96,000 support zone.

Bitcoin Price Could Regain Momentum

Bitcoin started an upward move above the $95,000 resistance zone, climbing past the $96,500 and $97,000 levels.

The price cleared the $98,000 resistance and approached the $100,000 level, forming a high at $99,400 while consolidating gains. A test of the 23.6% Fibonacci retracement level occurred from the $92,415 swing low to the $99,400 high.

Currently, Bitcoin trades above $96,500 and the 100 hourly Simple Moving Average. Immediate resistance is near $99,200, with key resistance at $99,500. A clear move above this level may push the price higher, potentially testing the $100,000 mark.

A close above $100,000 could lead to further increases, with potential resistance at $102,200 and $103,500.

Another Decline In BTC?

If Bitcoin does not exceed the $100,000 resistance, it may decline. Immediate support is near $98,200 and the trend line.

The first major support is around $96,000 or the 50% Fibonacci retracement level from the $92,415 swing low to the $99,400 high. The next support level is near $95,000; further losses could lead to a drop toward $93,200.

Technical indicators:

Hourly MACD – Showing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – Currently above the 50 level.

Major Support Levels – $97,000 and $96,000.

Major Resistance Levels – $99,000 and $100,000.