【Bitcoin Breaks Barriers, Aiming for $100,000】
Currently, the price of Bitcoin is above the support level of $85,000 but below the resistance level of $93,000. Today, the bulls broke through the resistance level of $93,000. According to price indicators, this cryptocurrency is projected to reach a high of $100,000. In the upward trend on November 13, the body of the candlestick chart is close to the 78.6% Fibonacci retracement line. This retracement predicts that Bitcoin will rise and may reverse near the 1.272 Fibonacci extension level or $100,210. Currently, buyers are hoping to break through the price barrier of $93,318. Once this resistance level is broken, Bitcoin will reach its target price.
At present, the price of Bitcoin is above the support level of $85,000, which is also known as the 21-day moving average (SMA). The moving average is still trending upwards, indicating an upward trend. On the 4-hour chart, the moving average is in a horizontal state, showing that the market has entered a consolidation phase. During this period, multiple doji candlestick patterns have appeared, reflecting the trend of price activity.
On the 4-hour chart, after encountering the resistance level of $93,318, the price of Bitcoin began to consolidate. Currently, the doji candlestick pattern is slowing down price fluctuations. Although the cryptocurrency price has broken through the current barrier, it is still difficult to maintain positive momentum. Currently, the final target price for Bitcoin is set at $100,000.