Bitcoin’s price has held steady above the critical support level of $95,500, recording a gain of over 5% and reclaiming the significant resistance level at $100,000. Is this the start of a renewed bull run?
Bitcoin Gains Momentum
Bitcoin established a strong foundation and started climbing above $98,000. Several key resistance levels were broken, including the $97,500 barrier, as shown on the BTC/USD hourly chart.
The pair reached a high of $101,900 before consolidating its gains. Currently, BTC is trading above $100,000 and the 100-hour simple moving average, signaling a positive trend.
Key Resistance Levels
As Bitcoin moves upward, it may encounter resistance near $101,400. The main resistance level lies at $102,000. If BTC can break through this barrier, further growth could follow with targets at:
$104,000 – the next major resistance.
$105,000 – a significant psychological threshold.
$108,000 – a potential goal if the bull trend continues.
Potential Downside Scenarios
If Bitcoin fails to surpass the $102,000 resistance, a correction could occur. Immediate support is near $100,000, with stronger support levels at:
$98,200 – corresponding to the 50% Fibonacci retracement of the recent wave.
$97,250 – another critical support level.
$95,000 – a key boundary to prevent further declines.
Technical Indicators
Hourly MACD: Gaining momentum in the bullish zone.
Hourly RSI: RSI for BTC/USD is above 50, indicating positive momentum.
Summary
Bitcoin is currently consolidating gains above $100,000. If it can surpass the $102,000 resistance, it may continue climbing to $104,000 or even higher. However, if the price fails to maintain momentum, a short-term pullback toward $95,000 is possible, offering potential buying opportunities. The bullish trend appears to be gaining strength, but further progress will depend on Bitcoin's ability to overcome key resistance levels.
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