Bitcoin Price Climbs Back to $100K: Is This Just the Beginning?

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So, Bitcoin waltzes above $98,000 like it owns the place! It’s trimming losses but might need a spa day to settle above $103,000. 😂

  • Bitcoin cha-cha’d its way over $100,000. 💃
  • The price is strutting above $99,500 and rocking the 100 hourly Simple Moving Average. 🕺
  • There was a break above a key bearish trend line at $96,000. (Yes, even trend lines can hit the gym!)
  • The pair could do another jig if it stays in the $100,000 ballroom.

Bitcoin Price Reclaims $100,000

Bitcoin price started another cha-cha below $95,000. BTC got moody, breaking levels like $93,500 and $92,000, and even took a dive below $91,000. Ouch!

A low point at $90,944 shook it up, but then it remembered it’s Bitcoin, darn it! It did a quick recovery two-step above $95,500. Clearing that 50% Fib retracement level was like shedding that holiday weight.

The price said ‘adios’ to a bearish trend line at $96,000 on the BTC/USD (data feed from Kraken). Now it’s lounging above $98,000, sipping cocktails with the 100 SMA. 🍸

On the upside, immediate resistance at $102,000, with the first key resistance around $102,500 or the 76.4% Fib level. The $103,200 level is like the VIP section of the club. Will BTC get in?

A delightful close above $103,200 could send BTC to new heights – perhaps even crashing the $105,000 and $107,000 parties! 🎉

Another Decline in BTC?

If Bitcoin misses the $103,200 VIP pass, it might start another moody downturn. Support on the downside is near $100,500, with major backup at the trusty old $100,000 level.

The next bottom line is the $98,000 zone. More losses? Expect BTC to sulk around $96,500.

Tech Talk:

Hourly MACD – The MACD is flexing in the bullish zone. 💪

Hourly RSI (Relative Strength Index) – The RSI for BTC is now above 50, feeling pretty smug.

Major Support Levels – $100,500, $100,000.

Major Resistance Levels – $102,000, $103,200. (No bouncers, please!)

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2025-02-04 06:06