Bitcoin Price Soars to $100K: A New Era in Crypto Begins
Bitcoin price begins a new uptrend and tests the $100,000 level. BTC is currently showing many positive signs and may continue to rise.
- Bitcoin is accelerating above the $96,500 area.
- The price is trading below $98,500 and the 100 hourly simple moving average.
- There is a break above a key bearish trend line with resistance at $97,550 on the hourly chart of the BTC/USD pair (data feed via Kraken).
- The pair tested the key milestone level of $100,000 and could extend gains.
Bitcoin price hits $100,000
Bitcoin price starts to rise again $96,500 Resistance Zone. BTC broke the $97,500 and $98,000 resistance levels. The bulls even pushed it to new all-time highs.
There was a break above a key bearish trend line with resistance at $97,550 on the hourly chart of the BTC/USD pair. Eventually, the price tested the $100,000 level. Current price action suggests that the price is likely to continue rising and settle above the 23.6% Fib retracement of the upward move from the $64,656 swing low to $100,000 high.
Bitcoin price is currently below $98,500, 100 hour simple moving average. On the bright side, the price may face resistance near the $100,000 level. The first key resistance is near $102,000. A clear break above the $102,000 resistance could lead the price higher.
The next key resistance level is likely to be $105,000. A close above the $105,000 resistance could lead to further price gains. In the above scenario, the price may rise and test the $108,000 resistance. In case of further gains, the price may rise towards the $112,000 level.
Bitcoin falling again?
If Bitcoin fails to break above the $100,000 resistance, it may start another downward correction. Immediate support on the downside lies near the $98,800 level.
The first major support is located near $98,000. Next support is near the $96,500 area, which is the 61.8% Fib retracement level of the upward move from the $64,656 swing low to $100,000 high. Any further losses could push the price towards the $95,000 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 $98,500, followed by $96,500.
Major resistance levels – $100,000 and $102,000.
