NewsBTC
5 December 2024
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Bitcoin Price Tests $100,000 Level Amid Positive Momentum

Bitcoin price initiated a new increase and approached the $100,000 level. BTC is displaying positive signs and may continue to rise.

  • Bitcoin is gaining momentum above the $96,500 zone.
  • The price is trading below $98,500 and the 100-hour Simple Moving Average.
  • A break occurred above a key bearish trend line with resistance at $97,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair tested the significant milestone of $100,000 and may extend gains.

Bitcoin Price Hits $100K

Bitcoin price increased above the $96,500 resistance zone, clearing the $97,500 and $98,000 resistance levels. This surge led to a new all-time high.

A break above the key bearish trend line at $97,550 was noted on the hourly chart. The price subsequently tested the $100,000 level. Current price action indicates potential for further increase, remaining stable above the 23.6% Fib retracement level of the upward movement from the $64,656 swing low to the $100,000 high.

Bitcoin price is currently trading below $98,500 and the 100 hourly Simple Moving Average. Resistance may be encountered near the $100,000 level, with the first key resistance at approximately $102,000. A clear move above this resistance could lead to higher prices.

Bitcoin Price

The next major resistance could be at $105,000. A close above this level might push the price further up, potentially testing the $108,000 resistance level. Additional gains could see the price approach $112,000.

Another Drop In BTC?

If Bitcoin fails to surpass the $100,000 resistance zone, it may begin another downside correction. Immediate support is near the $98,800 level.

The first major support level is around $98,000, followed by the $96,500 zone or the 61.8% Fib retracement level of the upward move from the $64,656 swing low to the $100,000 high. Further losses could lead the price toward the $95,000 support in the near term.

Technical indicators:

Hourly MACD – The MACD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.

Major Support Levels – $98,500, followed by $96,500.

Major Resistance Levels – $100,000 and $102,000.