Bitcoin price started a recent rally and tested the $100,000 level. BTC is now showing many positive signs and may continue to rise.
- Bitcoin is gaining momentum 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 could increase profits.
The price of Bitcoin has reached $100K
The price of Wikipedia started another increase $96,500 resistance zone. BTC was able to clear the $97,500 and $98,000 resistance levels. The Bulls also 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. Current price action suggests that the price may continue to rise and is holding above the 23.6% Fib retracement level of the $64,656 swing low to the $100,000 high.
Bitcoin price is now trading below $98,500 and 100 hourly simple moving average. On the upside, the price may face resistance near the $100,000 level. The first major resistance is near the $102,000 level. A clear move above the $102,000 resistance could send the price higher.
The next major resistance could be $105,000. A close above the $105,000 resistance could send the price higher. In the mentioned case, the price may rise and test the $108,000 resistance level. Any further gains could send the price towards the $112,000 level.
Another drop in BTC?
If Bitcoin fails to break above the $100,000 resistance zone, it could initiate 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 further losses could send the price towards the $95,000 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 – $98,500, followed by $96,500.
Key resistance levels – $100,000, and $102,000.
