Key Takeaways:
Bitcoin price started a consolidating phase after hitting a new all-time high of $104,000.
BTC/USD is following a rising channel with support at $96,500 on the daily chart.
The price is still in a strong uptrend and the bulls might soon aim for a move above $104,000.
Bitcoin price is holding gains above the $91,000 support level. BTC could see some pullbacks before the bulls aim for $110,000.
Bitcoin Price Uptrend Remains Strong
As discussed in the previous analysis, Bitcoin prices struggled to settle above the $102,000 resistance zone. A new all-time high was formed at $104,000 before the price saw a short-term pullback. There were a couple of swing moves below the $100,000 level.
The price dipped below the $95,000 level. It even spiked below the 23.6% Fib retracement level of the upward move from the $52,756 swing low to the $104,000 high. However, the bulls were active above the $90,000 level, and the price was well above the 50-day simple moving average (blue).
Bitcoin price daily chart | Source: BTC/USD on TradingView.com
Bitcoin price found bids near the $89,000 level and recovered most losses. It is now following a rising channel with support at $96,500 on the daily chart.
If the bulls remain in action, there could be an upside continuation as the current price action is bullish and suggests more upsides above the $100,000 level. Immediate resistance is near the $102,000 level. The first major resistance is seen near the $104,000 level.
The next stop BTC price could be the $106,500 zone, above which the price could drift and clear the $110,000 level. A daily close above the $110,000 resistance zone could set the pace for a move toward the next key resistance at $114,000.
Conversely, Bitcoin’s price might struggle to reach nearly $102,000 or $104,000 and may start another downside correction. Immediate support on the downside is near the $97,000 level and the channel’s lower trend line.
The first major support is near the $92,000 level. There is also a key parabolic curve forming with support near $92,000. A downside break below the $92,000 level could send the price toward the $89,000 level and the 50-day simple moving average (blue).
If the bulls fail to protect the $89,000 level, there could be a larger pullback. In the stated case, Bitcoin could test the $78,500 support or the 50% Fib retracement level of the upward move from the $52,756 swing low to the $104,000 high. The next key support could be $72,000.
Overall, Bitcoin is holding gains above $92,000 and $89,000. However, BTC must settle above the $102,000 barrier to continue higher soon.
