Bitcoin price started to rise again and tested the $100,000 level. BTC is now showing many positive signs and could continue to rise.
- Bitcoin is gaining pace 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 trendline 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 extend gains.
Bitcoin price reaches $100,000
Bitcoin price started to rise again above the USD 96,500 resistance zone. BTC was able to break the USD 97,500 and USD 98,000 resistance levels. The bulls even pumped it to a new record high.
There was a break above a key bearish trendline 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 suggests that the price could continue to rise and hold steady above the 23.6% Fib retracement level of the upward move from the $64,656 swing low to the $100,000 high.
Bitcoin price is now trading below $98,500 and the 100 hourly Simple Moving Average. On the upside, the price could encounter resistance around the $100,000 level. The first major resistance is around the $102,000 level. A clear move above the USD 102,000 resistance could push the price higher.
The next major resistance could be at $105,000. A close above the $105,000 resistance could send the price higher. In the said case, the price could rise and test the USD 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 zone, it could trigger another downside correction. The immediate downside support is near the $98,800 level.
The first major support is near the $98,000 level. The next support now lies 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 short 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.
Major support levels – USD 98,500, followed by USD 96,500.
Major resistance levels – $100,000 and $102,000.