Bitcoin’s price is rebounding above the $100,000 mark, displaying positive signals that could drive it higher if it surpasses the $102,500 resistance level.
- Bitcoin initiated a notable uptrend above the $98,800 threshold.
- The price is currently above $100,000 as well as the 100-hourly Simple Moving Average.
- A bullish trend line is emerging with a support level at $99,800 on the hourly chart of the BTC/USD pair (data feed provided by Kraken).
- If it maintains support above the $98,500 level, another uptick could be possible.
Bitcoin Price Surpasses $100K
Bitcoin’s price began a substantial upward movement above the $96,500 resistance zone. It successfully surpassed hurdles at $97,200 and $98,800.
The price managed to clear multiple obstacles close to the $100,000 mark, even spiking above $102,000. A peak was reached at $102,479, and the price is currently consolidating gains above the 23.6% Fibonacci retracement level from the recent rally from the $97,251 swing low to the $102,479 high.
Furthermore, there is a short-term bullish trend line forming with a support level at $99,800 on the hourly chart of the BTC/USD pair. This trend line aligns with the 50% Fibonacci retracement level of the recent climb from the $97,251 swing low to the $102,479 high.
Currently trading above $100,500 and the 100-hourly Simple Moving Average, Bitcoin’s immediate resistance is near $102,500, followed by a key resistance at $103,200. A clear breakthrough of the $103,200 level could propel the price upwards.
The next significant resistance levels to watch are at $104,500 and $105,000. A close above $105,000 could propel the price even higher, potentially testing the $106,500 level and beyond to $108,000.
Possible Downturn in BTC Price?
If Bitcoin fails to breach the $102,500 resistance level, a fresh decline may ensue. Immediate support lies near $101,250, followed by major support at $100,000 and then $98,550. Further losses could push the price toward the $96,500 support level in the short term.
Key technical indicators to consider:
– Hourly MACD: Currently showing bullish momentum.
– Hourly RSI (Relative Strength Index): Above the 50 level for BTC/USD.
– Major Support Levels: $101,250 followed by $100,000.
– Major Resistance Levels: $102,500 and $103,200.
