Bitcoin price started a fresh increase and tested the $100,000 level. BTC is now showing many positive signs and might continue to rise.
- Bitcoin is gaining pace above the $96,500 zone.
- The price is trading below $98,500 and the 100 hourly Simple moving average.
- There was a break 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 key milestone level at $100,000 and might extend gains.
Bitcoin Price Hits $100K
Bitcoin price started another increase above the $96,500 resistance zone. BTC was able to clear the $97,500 and $98,000 resistance levels. The bulls even pumped it to a new all-time high.
There was a break above a key bearish trend line with resistance at $97,550 on the hourly chart of the BTC/USD pair. Finally, the price tested the $100,000 level. The current price action suggests that the price might continue to rise and is stable above the 23.6% Fib retracement level of the upward move from the $64,656 swing low to the $100,000 high.
Bitcoin price is now trading below $98,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $100,000 level. The first key resistance is near the $102,000 level. A clear move above the $102,000 resistance might send the price higher.
The next key resistance could be $105,000. A close above the $105,000 resistance might send the price further higher. In the stated case, the price could rise and test the $108,000 resistance level. Any more gains might send the price toward the $112,000 level.
Another Drop In BTC?
If Bitcoin fails to rise above the $100,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $98,800 level.
The first major support is near the $98,000 level. The next support is now near 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. Any more losses might send the price toward the $95,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $98,500, followed by $96,500.
Major Resistance Levels – $100,000, and $102,000.