Bitcoin (BTC) Bulls Roar Back: Is $102K The First Stop?
Key Takeaways:
Bitcoin price is gaining pace and approaching the $100,000 milestone level.
BTC/USD is following a parabolic curve with support at $82,000 on the weekly chart.
The price could continue to rise, and the $102,000 resistance might soon be tested.
Bitcoin rallied above $92,000 and traded to a new all-time high at $96,747. The price is showing signs of strength and might extend gains above $100,000.
Bitcoin Price Starts Fresh Surge
In the past few days, Bitcoin price saw a consolidation phase above the $85,000 support zone. BTC remained in a positive zone and the bulls protected downsides. A base was formed, and the price started a fresh increase above the $90,000 level.
There was a steady increase above the $92,000 level and the price settled well above the 1.236 Fib extension level of the downward move from the $68,958 swing high to the $15,822 low.
Bitcoin price weekly chart | Source: BTC/USD on TradingView.com
The weekly chart of BTC suggests the bulls are in full control and the price is well above the 50-week simple moving average (blue). It already posted a new all-time high at $96,747 and might continue to rise.
Immediate resistance is visible near the $100,000 milestone level. The first major resistance is near the $102,000 level. It is close to the 1.618 Fib extension level of the downward move from the $68,958 swing high to the $15,822 low.
A clear move above the $102,000 level could set the pace for a test of the $108,000 level. If the bulls succeed in clearing the $108,000 resistance, it could be a strong bullish signal. The next key resistance could be near the $112,500 level. Any more gains might send Bitcoin toward the $120,000 level.
Downside Correction In BTC?
If there is a downside correction, the price might find support near the $92,000 level. The first major support is near $86,500, and the next major support is near the $82,000 level.
On the weekly chart, a parabolic curve is also forming with support at $82,000. A weekly close below this level could start a larger downside correction. In this case, BTC could drop toward the $70,000 pivot level.
Overall, Bitcoin is gaining pace above the $95,000 level. If the bulls remain in action, BTC could easily drift toward the $102,000 level or even $108,000 in the coming sessions.
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