Bitcoin price started a new increase and tested the $100,000 level. BTC is now showing many positive signs and may continue to rise.
- Bitcoin is gaining pace above the $96,500 area.
- The price is trading below the $98,500 level and the 100 hourly simple moving average.
- There was a break above the major downtrend line with resistance at $97,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair tested the key level at $100,000 and may continue its gains.
Bitcoin price reaches $100,000
Bitcoin price has started to rise again above the $96,500 resistance area. BTC managed 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 the major downtrend 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 indicates that the price may continue to rise and is stable above the 23.6% Fibonacci retracement level of the upward movement from the swing low of $64,656 to the swing high of $100,000.
Bitcoin price is now trading below $98,500 and the 100 hourly simple moving average. On the upside, the price may face resistance near the $100,000 level. The first major resistance is located near the $102,000 level. A clear move above the $102,000 resistance level could send the price higher.
The next major resistance could be $105,000. A close above the $105,000 resistance could push 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 rise above the $100,000 resistance area, it could start another bearish 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 area 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 level in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key Support Levels – $98,500, followed by $96,500.
Major resistance levels – $100,000 and $102,000.