Bitcoin (BTC) Dips Look Golden: A Bullish Setup for The $100K Milestone
Key Takeaways:
Bitcoin corrected gains but remained stable above the $90,000 level.
BTC/USD is trading above a connecting bullish trend line with support at $92,500 on the daily chart.
The price is still in a strong uptrend and the bulls might soon aim for a move to $100,000.
Bitcoin price is gaining pace above the $95,000 level. BTC could soon clear the $98,000 resistance and reach the $100,000 milestone level.
Bitcoin Price Eyes New ATH
After a major increase, Bitcoin price saw a short-term downside correction from the $99,334 high. BTC dipped below the $96,000 and $95,000 levels. It dragged some altcoins lower including Ethereum, XRP, Solana, and Dogecoin.
The price declined below the 50% Fib retracement level of the upward move from the $85,128 swing low to the $99,334 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 $90,500 support level. It coincides with the 61.8% Fib retracement level of the upward move from the $85,128 swing low to the $99,334 high.
The price formed a base and recently started a fresh increase above the $95,000 level. BTC is now trading above a connecting bullish trend line with support at $92,500 on the daily chart. The current price action is bullish and suggests more upsides above the $97,000 level.
Immediate resistance is near the $97,500 level. The first major resistance is seen near the $98,000 level. The next stop BTC price could be the $99,350 zone, above which the price could drift and clear the $100,000 milestone level.
A daily close above the $100,000 resistance zone could set the pace for a move toward the next key resistance at $102,000 (as discussed in the previous analysis).
Another Pullback In BTC?
Conversely, Bitcoin price might struggle near $97,000 or $98,000 and start a downside correction. Immediate support on the downside is near the $94,650 level. The first major support is near the $95,000 level.
The main support is now near the trend line at $92,500. A downside break below the $92,500 level could send the price toward the $90,500 level.
If the bulls fail to protect the $90,500 level, there could be a larger pullback. In the stated case, Bitcoin could test the $81,750 support. The next key support could be the 50-day simple moving average (blue) at $80,000.
Overall, Bitcoin is gaining bullish momentum above $95,000. It seems like BTC could soon clear $98,000 and continue higher in the near term.
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