Bitcoin price is gaining momentum above the $100,000 zone. BTC is rising and could accelerate higher if it clears the $102,000 zone.
- Bitcoin started a decent rise above the $100,000 zone.
- The price is trading above $100,500 and the 100 hourly simple moving average.
- There was a break above a short-term bearish channel with resistance at $99,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may initiate another rally if it remains above the $100,000 support zone.
Bitcoin Price Reclaims $100K
Bitcoin price started a nice upward move above the $98,000 zone. BTC was able to climb above the $98,500 and $98,800 levels.
The bulls were able to push the price above the key barrier at $10,000. The price also cleared $101,500. Additionally, there was a break above a short-term bearish channel with resistance at $99,400 on the hourly chart of the BTC/USD pair.
A high was made at $102,000 and the price is now strengthening benefit And well above the 23.6% Fib retracement level of the upside from the $89,115 swing low to the $102,000 high.
Bitcoin price is now trading above $100,800 and 100 hourly simple moving average. On the upside, immediate resistance is near the $102,000 level. The first major resistance is near the $102,500 level. A clear move above the $102,500 resistance could send the price higher. The next major resistance could be $104,000.
A close above the $104,000 resistance could send the price higher. In the mentioned case, the price may rise and test the $106,000 resistance level. Any further gains could send the price towards the $108,500 level.
Downside correction in BTC?
If Bitcoin fails to break above the $102,000 resistance zone, it could initiate a downside correction. Immediate support on the downside is near the $100,500 level. The first major support is near the $100,000 level.
The next support is now near the $95,500 zone or the 50% Fib retracement level of the upside from the $89,115 swing low to the $102,000 high. Any further losses could send the price towards the $93,500 support in the near term.
Technical Indicators:
Hourly MACD – MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Main support level – $100,500, $100,000 thereafter.
Key resistance levels – $102,000 and $102,500.
