Bitcoin Price Pauses Under $100K: Bulls Eye the Milestone
Bitcoin price is consolidating below the $100,000 resistance level. Bitcoin bulls may soon try to break through the established milestone and push the price even higher.
- Bitcoin started a fresh rally above the $96,500 area.
- The price is trading below $98,000 and the 100 hourly simple moving average.
- There is a bearish trend line forming with resistance at $98,000 on the hourly chart of the BTC/USD pair (data via Kraken).
- If the $98,000 resistance is exceeded, the pair is likely to continue rising.
Bitcoin price expected to rise
bitcoin price still supported Above the $92,500 level. BTC formed a base and started a new leg above $96,000. It broke above the $97,500 level and hit a new high of $99,650 before pulling back.
The price fell below the $98,000 level. The lowest price is $95,973, and prices are currently rising. There was a break above the $96,800 resistance level. The price cleared the 50% Fib retracement level of the downward move from the $99,650 swing high to $95,973 low.
Bitcoin price currently below $98,000 100 hour simple moving average. On the bright side, the price may face resistance near $98,000. There is also a bearish trend line forming with resistance at $98,000 on the hourly chart of the BTC/USD pair. The trendline is near the 61.8% Fib retracement of the downward move from the swing high of $99,650 to the low of $95,973.
The first key resistance lies near $99,000. A clear break above the $99,000 resistance could push the price higher. The next key resistance level may be $100,000.
A close above the $100,000 resistance could trigger more gains. In the above scenario, the price may rise and test the $102,500 resistance. In case of further gains, the price may rise towards the $105,000 level.
Bitcoin’s downside correction?
If Bitcoin fails to break above the $98,000 resistance, it may start a downside correction. Immediate support on the downside lies near the $96,800 level.
The first major support is located near $95,750. The next support is near the $95,000 area. Any further losses could push the price towards the $92,000 support in the short term.
Technical indicators:
Hourly MACD – The MACD is currently accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
The main support is at $96,800, followed by $95,000.
Major resistance levels – $98,000 and $100,000.
