🔥🔥🔥 Bitcoin Climbs Above $101K: Will #Bulls Push Higher?
#Bitcoinprice Rises Above $101,000, Eyes Higher Resistance Levels
- Bitcoin has regained bullish momentum and is now trading at $101,025, continuing its upward trajectory. The cryptocurrency is positioned above the critical $100,000 level, with key resistance levels in sight for further gains.
Recent Price Action
- Bitcoin formed a strong base above the $95,500 zone before initiating a fresh surge. The price broke through resistance levels at $97,500 and $98,800, supported by a breakout above a bearish trend line at $97,500 on the BTC/USD hourly chart (data feed via Kraken).
- The rally pushed Bitcoin above $100,000, reaching a high of $101,900. It is currently consolidating near $101,025, trading above the 100-hourly Simple Moving Average and maintaining its bullish outlook.
Upside Targets
- Bitcoin faces immediate resistance at $102,000. A clear move above this level could accelerate gains, with the next major hurdle near $104,000. If BTC surpasses $104,000, the price could climb toward $105,000, with a further push potentially targeting $108,000 in the near term.
Risk of a Pullback
- If Bitcoin fails to break above the $102,000 resistance, it could see a downside correction. The first support level is near $100,000, with stronger support at $98,200, which aligns with the 50% Fibonacci retracement level of the recent rally from $94,314 to $101,900.
- Further declines could bring Bitcoin toward the $97,250 zone. A move below this level may lead to a retest of the $95,000 support.
Technical Indicators
- Hourly MACD: Gaining strength in the bullish zone.
- Hourly RSI: Positioned above 50, indicating positive momentum.
- Key Support Levels: $100,000, $98,200, $97,250.
- Key Resistance Levels: $102,000, $104,000, $105,000.
With Bitcoin now trading at $101,025, a successful breakout above $102,000 could reinforce its bullish momentum, potentially paving the way for further upside in the coming sessions.
