As a seasoned crypto investor with over a decade of experience in this dynamic market, I find myself consistently amazed by Bitcoin’s relentless march forward. The latest surge above the $95,000 zone is another testament to its resilience and potential.
The cost of Bitcoin is gradually climbing higher than the $95,000 mark. Bitcoin’s performance suggests it could potentially reach the significant threshold of $100,000 in the near future.
- Bitcoin started a fresh increase above the $95,000 zone.
- The price is trading above $95,000 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support at $95,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it clears the $100,000 resistance zone.
Bitcoin Price Sets Another ATH
The cost of Bitcoin stayed stable above the $92,000 mark. BTC established a foundation and began a new surge exceeding $95,000. It surpassed the $96,500 price point and peaked at a fresh high of $98,999 before experiencing a brief retreat.
The price of Bitcoin dipped below $98,000 but didn’t drop significantly, as it stayed above the 23.6% Fibonacci retracement point of its rise from $91,500 to $98,990. Additionally, a significant bullish trend line is emerging on the hourly Bitcoin-to-USD chart, offering support at approximately $95,200.
The trend line is nearly touching the 50% Fibonacci retracement point during the rise from the $91,500 minimum to the $98,990 maximum. At present, Bitcoin’s price is above $96,000 and also higher than the 100-hour Simple Moving Average.
From my research perspective, I’ve noticed a potential hurdle for the price approaching around $98,880. The first significant barrier can be found slightly above at approximately $99,000. Should we surpass this initial resistance, it could potentially propel the price upward. Further ahead, the next notable resistance seems to be around the $100,000 mark.
If the price breaks through the $100,000 barrier, it may lead to further increases. In such a scenario, the price could climb and attempt to overcome the resistance at $102,000. Any additional gains could potentially push the price up towards the $104,500 resistance mark.
Downside Correction In BTC?
If Bitcoin can’t break through the barrier at $100,000, it might trigger a drop in price instead. The nearest support level, in case of a fall, would be around $98,000.
In simpler terms, the strongest level of resistance for a potential drop is around $96,800. The following level of support is currently at approximately $95,500 and also includes a key trend line. If there are further losses, it might cause the price to head towards the $92,000 support in the coming short period.
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 – $96,800, followed by $95,500.
Major Resistance Levels – $99,000, and $100,000.
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2024-11-22 06:23