Bitcoin Soars Beyond $100K—Is the Bull Market Making a Comeback?
Reasons for Confidence
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The price of Bitcoin has embarked on a new upward movement beyond the $100,000 threshold, with the potential to approach the $105,000 resistance level.
- Bitcoin initiated a significant rise that surpassed the $98,500 resistance level.
- The price remains above $100,500 and the 100-hour Simple Moving Average.
- A new bullish trend line is developing with support at $102,000 on the hourly BTC/USD chart.
- Further gains could materialize if the price breaks through the $104,200 level.
Bitcoin Price Gains Exceed 8%
Bitcoin has begun a significant increase from the support zone at $95,500. After establishing a base, it successfully surpassed the $98,000 resistance level, leading to a rise above $100,000.
The price surged past $103,500 and reached $104,200, hitting a peak of $104,082. Currently, it is consolidating above the 23.6% Fibonacci retracement level of the increase from the $95,824 swing low to the $104,082 high.
At present, Bitcoin trades above $100,500 and the 100-hour Simple Moving Average. Additionally, the developing bullish trend line has support set at $102,000 on the BTC/USD hourly chart.
Looking at resistance levels, immediate resistance is around $103,500. The first major resistance lies at $104,500, followed by a significant hurdle at $105,000. If the price closes above $105,000, it could continue rising towards $106,500. Additional gains might push the price closer to $108,000.
Will Bitcoin Hold Its Support?
If Bitcoin does not manage to exceed the $103,500 resistance, it may trigger a correction. The first line of support is close to $102,200. The next key support level is at $100,000, coinciding with the 50% Fibonacci retracement from the low of $95,824 to the high of $104,082.
Following that, the next support level is positioned at approximately $98,800. Further declines could lead the price to approach the $97,500 support zone in the near term, with a principal support point at $96,200.
Technical analysis shows:
Hourly MACD – The MACD is currently gaining momentum in the positive zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 mark.
Key Support Levels – $102,200, followed by $100,000.
Key Resistance Levels – $104,200 and $105,000.
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