Bitcoin Price on the Brink: $100K Breakthrough Imminent?

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As a seasoned analyst with over two decades of market experience under my belt, I’ve seen my fair share of market fluctuations. But when it comes to Bitcoin, even veterans like myself are left in awe. The recent price action of BTC is indeed promising, with the recovery above the $96,000 level being a positive sign.

The cost of Bitcoin is rebounding over the $96,000 threshold, exhibiting optimistic indications as it targets a new rise beyond $98,800.

  • Bitcoin started a fresh increase above the $96,000 zone.
  • The price is trading above $96,500 and the 100 hourly Simple moving average.
  • There was a break above a short-term bearish trend line with resistance at $96,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain bullish momentum if it clears the $98,000 resistance zone.

Bitcoin Price Eyes Key Upside Break

Over the past period, Bitcoin’s value held steady above the significant $94,500 level. Subsequently, Bitcoin established a foundation and initiated an upward trend surpassing the resistance at $95,000. Remarkably, the bullish sentiment managed to drive the price beyond the $96,000 resistance barrier.

As a researcher, I observed an upward break in the short-term bearish trend line with a resistance at $96,400 on the hourly BTC/USD chart. Subsequently, the pair surged past the 61.8% Fibonacci retracement level of the downward move from the $98,670 peak to the $95,754 trough.

Currently, Bitcoin’s price is hovering above $96,500 and aligns with its 100-hour Simple Moving Average. As it moves upward, potential obstacles might arise around $98,000. This level also corresponds to approximately 76.4% of the retracement from the peak at $98,670 down to $95,754.

As a researcher studying this particular market, I’ve identified a significant resistance level at approximately $98,800. Crossing above this barrier could potentially propel the price upward. The next notable resistance might be situated at $99,200. If we manage to close above this level, it could trigger further gains that could lead us to challenge the $100,000 resistance in the near future. Should the market continue to perform positively, there’s a possibility that it may push towards the $102,000 level in upcoming trading sessions.

Another Drop In BTC?

If Bitcoin doesn’t manage to surpass the $98,000 barrier, it might initiate another decline. The lower boundary for this potential decrease is approximately $97,200.

Initially, a significant level of reinforcement can be found around $96,500. Currently, another area of support is approaching $95,000. If there are further declines, the price may trend towards the nearby support at $93,500 in the short term.

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 – $96,500, followed by $95,000.

Major Resistance Levels – $98,000, and $98,800.

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2024-12-02 05:46