Bitcoin Price Reclaims $100K: A Bullish Trend Emerges
The Bitcoin price has shown significant recovery, surpassing the $100,000 zone and exhibiting positive signs that may propel it higher. To sustain this upward momentum, Bitcoin must clear the $102,500 resistance zone.
Recent Price Movement
Bitcoin initiated a notable increase above the $98,800 zone, with the price currently trading above $100,000 and the 100 hourly Simple Moving Average (SMA). A short-term bullish trend line has formed, with support at $99,800 on the hourly chart of the BTC/USD pair. This trend line is closely aligned with the 50% Fib retracement level of the recent upward move from the $97,251 swing low to the $102,479 high.
Key Resistance and Support Levels
On the upside, immediate resistance is near the $102,500 level, followed by the first key resistance at $103,200. A clear move above the $103,200 resistance may send the price higher, potentially reaching the $104,500 level. A close above the $105,000 resistance could further propel the price, testing the $106,500 resistance level. Any additional gains may push the price toward the $108,000 level.
Potential Downside Risks
If Bitcoin fails to rise above the $102,500 resistance zone, it may initiate a fresh decline. Immediate support on the downside is near the $101,250 level, followed by the first major support at $100,000. The next support level is now near the $98,550 zone, and any further losses may send the price toward the $96,500 support in the near term.
Technical Indicators
The hourly MACD is gaining pace in the bullish zone, while the hourly RSI (Relative Strength Index) for BTC/USD is now above the 50 level. Major support levels include $101,250 and $100,000, with major resistance levels at $102,500 and $103,200.
Conclusion
In summary, Bitcoin’s price has reclaimed the $100,000 level, and a bullish trend has emerged. To sustain this momentum, Bitcoin must clear the $102,500 resistance zone. If successful, the price may reach higher levels, potentially testing the $108,000 level. However, if Bitcoin fails to rise above the resistance zone, it may initiate a fresh decline, with immediate support near the $101,250 level.
Source: Newsbtc.com
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