Bitcoin Price Targets $100K as Bulls Reclaim Strength, Time to Buy the Dips?
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Bitcoin has begun a significant upward trend, surpassing the $96,500 mark. BTC is on the rise and could aim for the $100,000 resistance point.
- Bitcoin has initiated a notable increase above the resistance level of $96,500.
- The price is currently above $96,500 and the 100-hour moving average.
- A breakout occurred above a bearish trend line intersecting at $97,200 on the hourly BTC/USD chart.
- The pair may experience further growth if it clears the $98,800 level.
Bitcoin Price Gaining Momentum
Bitcoin started a fresh surge from the support zone of $93,500. A solid base was established, allowing it to break through the $95,000 resistance. The bulls successfully propelled the price above $96,500.
A breakout above a bearish trend line existed at $97,200 on the hourly chart for the BTC/USD pair. The price surged past $98,000, peaking at $98,300. A peak was recorded at $98,292, and the price is currently stabilizing above the 23.6% Fibonacci retracement level from the swing low of $95,824 to the high of $98,292.
At present, Bitcoin is trading above $97,500 and the 100-hour moving average. The first immediate resistance appears close to the $98,250 mark, while a more significant resistance level is at approximately $98,500.
The subsequent key resistance could be set at $98,800. A closure above this level may propel the price higher. In such a scenario, the price could escalate towards the $99,500 resistance level, with additional gains potentially pushing it towards the $100,000 threshold.
Possible BTC Downturn?
Should Bitcoin not surpass the $98,250 resistance zone, it could enter a corrective phase. Immediate support lies around the $97,700 mark, with the first significant support near $97,000 and the 50% Fibonacci retracement of the surge from $95,824 to $98,292.
Support is also situated near the $96,400 area. Further declines might lead the price toward the $95,500 support in the short term, with major support located at $94,200.
Technical Indicators:
Hourly MACD – The MACD is currently strengthening within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD now exceeds the 50 mark.
Major Support Levels – $97,000 and then $96,400.
Major Resistance Levels – $98,250 and $98,800.
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