The cost of Bitcoin is rebounding from losses that surpassed the $100,000 level. If Bitcoin manages to break through the resistance at $102,500, it could potentially climb higher.
- Bitcoin started a decent increase above the $98,800 zone.
- The price is trading above $100,000 and the 100 hourly Simple moving average.
- There is a short-term bullish trend line forming with support at $99,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it stays above the $98,500 support zone.
Bitcoin Price Reclaims $100K
The cost of Bitcoin commenced an appreciable increase, surpassing the $96,500 resistance point. Subsequently, it managed to scale beyond the resistance at $97,200 and $98,800.
The price managed to overcome numerous obstacles as it neared the $100,000 mark and even peaked at over $102,000. It reached a maximum of $102,479, but is now pausing to consolidate its gains, sitting comfortably above the 23.6% Fibonacci retracement level following its recent surge from the $97,251 low point to the $102,479 high.
On the hourly Bitcoin-to-USD chart, there appears to be a developing uptrend line offering support at around $99,800. This trend line is near the 50% Fibonacci retracement level from the price drop between the $97,251 low and the $102,479 high.
Currently, Bitcoin’s trading value surpasses $100,500 and lies above its 100-hour Simple Moving Average. If it continues to rise, the immediate hurdle is at approximately $102,500. The initial significant barrier can be found around $103,200. Overcoming this barrier at $103,200 could potentially push the price even higher.
If we surpass $105,000, it’s possible that the price will continue to climb, potentially reaching as high as $106,500 next. Should it manage to do so, further increases could take us towards $108,000.
Another Drop In BTC?
If Bitcoin doesn’t manage to break through the $102,500 barrier, there might be a downward trend following. The lowest level of support in case it falls can be found around $101,250.
In simpler terms, the initial strong resistance is found close to $100,000. The following resistance now lies within the vicinity of $98,550. Should there be any further drops, the price could head towards the $96,500 support level in the immediate future.
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 – $101,250, followed by $100,000.
Major Resistance Levels – $102,500 and $103,200.
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2025-01-07 05:46