Bitcoin prices started an increase again, and even tested $100,000. BTC shows signs of improvement and may continue to grow.
- Bitcoin continues to gain momentum, surpassing the $96,500 area.
- It is currently trading at a price below $98.500, and it’s moving lower than the 100-hour Simple Moving average.
- On the hourly chart for the BTC/USD, there was a breakout above the key trendline with resistance of $97.550 (data from Kraken).
- They could increase their profits if they can reach the milestone of $100,000.
Bitcoin price hits $100K
The Bitcoin price has started to rise again. $96,500 resistance zone. BTC cleared the resistance levels of $97,500 and $88,000. It even reached a record-breaking high.
On the hourly BTC/USD chart, there was a breakout above the key trendline with resistance of $97.550. The price finally tested the level of $100,000. Price action indicates that price may continue to increase and remains above the Fib 23.6% retracement of the move upward from the swing low at $64,656 to the $100,000 high.
Bitcoin is currently trading at a price below $98.500. 100 hourly Simple moving average. The price may face resistance at the level of $100,000. Near the $102,000 mark, we find our first major resistance. The price could move higher if the resistance level of $102,000 is broken.
A key resistance level could be $105,000. The price could rise if it closes above $105,000. Price could test $108,000 as resistance in this case. Even more gains could push the price towards the $112,000 barrier.
One more drop in BTC?
Bitcoin’s price could fall if it does not rise above $100,000. Support for Bitcoin’s downside near $98,800 is the immediate level of support.
Near the $98,000 mark, we have our first significant support. Next support lies near $96,500 or 61.8% of Fib’s retracement from the swing low at $64,656 to the high at $100,000. In the short term, any further losses could send the price towards the $95,000 level.
Indicators of technical indicators
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $98,500, followed by $96,500.
Major Resistance Levels – $100,000, and $102,000.
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Source: www.newsbtc.com
