Bitcoin Price Approaches $100K: The Countdown Is On
Bitcoin price has steadily risen above $95,000. BTC is showing positive signs and may soon reach the $100,000 milestone level.
- Bitcoin started a fresh rally above the $95,000 area.
- The price is trading above $95,000 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support at $95,200 on the hourly chart of the BTC/USD pair (data via Kraken).
- The pair is likely to continue rising if it breaks the $100,000 resistance.
Bitcoin price reaches new high
bitcoin price still supported Above the $92,000 level. BTC formed a base and started a new leg above $95,000. It broke above the $96,500 level and hit a new high of $98,999 before pulling back.
The price fell below the $98,000 level. However, the price remained stable above the 23.6% Fib retracement level of the swing low of $91,500 to high of $98,990. There is also a key bullish trend line forming with support at $95,200 on the hourly chart of the BTC/USD pair.
The trendline is close to the 50% Fib retracement of the upward move from the $91,500 swing low to $98,990 high. Bitcoin price currently trades above $96,000 100 hour simple moving average.
On the bright side, the price may face resistance near $98,880. 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 $102,000 resistance. Any further gains may push the price towards the $104,500 resistance.
Bitcoin’s downside correction?
If Bitcoin fails to break above the $100,000 resistance, it may start a downward correction. Immediate support on the downside is near $98,000.
The first major support is located near $96,800. The next support is near the $95,500 area and trend line. 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 $95,500.
Major resistance levels – $99,000 and $100,000.
