The Bitcoin price is steadily rising above $95,000. BTC shows positive signs and may soon reach the milestone level of $100,000.
Bitcoin has started a new round of upward movement above $95,000.
The price is currently above $95,000 and the 100-hour simple moving average.
On the hourly chart of BTC/USD, a key bullish trend line has formed, with support at $95,200 (data from Kraken).
If it breaks through the resistance area of $100,000, the currency pair may continue to rise.
Bitcoin price reaches a new all-time high
The Bitcoin price remains supported above $92,000. BTC has formed a bottom and has started a new round of upward movement above $95,000. It broke through the level of $96,500 and reached a new high of $98,999, followed by a pullback.
The price has fallen below the level of $98,000. However, the price remains stable above the upward 23.6% Fibonacci retracement level from the swing low of $91,500 to the high of $98,990. A key bullish trend line has also formed on the hourly chart of BTC/USD, with support at $95,200.
The trend line is close to the 50% Fibonacci retracement level of the upward move from the swing low of $91,500 to the high of $98,990. The Bitcoin price is currently trading above $96,000 and the 100-hour simple moving average.
From the upside perspective, the price may face resistance near $98,880. The first key resistance level is around $99,000. If it can significantly break through the resistance level of $99,000, the price may rise further. The next key resistance level could be $100,000.
A closing price above the resistance level of $100,000 may trigger further gains. In this case, the price could rise and test the resistance level of $102,000. Any further increases could push the price down towards the resistance level of $104,500.
Is BTC undergoing a downward correction?
If Bitcoin fails to break through the resistance area of $100,000, it may begin a downward correction. The direct support level on the downside is near $98,000.
The first major support level is around $96,800. The next support level is currently in the $95,500 area and near the trend line. If the price falls further, it may drop to the support level of $92,000 in the short term.
Technical Indicators:
Hourly MACD - The MACD is currently accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) - The RSI for BTC/USD is now above the 50 level.
Major support levels - $96,800, followed by $95,500.
Major resistance levels - $99,000 and $100,000.
