Bitcoin Price Climbs: Is This the Start of a Bigger Rally?

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The cost of Bitcoin is rebounding from the $98,000 level. If it manages to surpass the $100,000 barrier, Bitcoin could potentially rise further.

  • Bitcoin started a fresh recovery above the $97,500 zone.
  • The price is trading above $97,800 and the 100 hourly Simple moving average.
  • There is a connecting bullish trend line forming with support at $97,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start another increase if it stays above the $97,500 support zone.

Bitcoin Price Recovers Further

The value of Bitcoin began a noticeable increase that surpassed the $95,500 barrier. Subsequently, it managed to rise beyond the resistance points at $96,200 and $97,000.

The cost managed to overcome several obstacles close to $98,500, even peaking beyond $99,500. A peak was established at $99.739 and now the price is stabilizing its growth above the 23.6% Fibonacci retracement level of the recent uptrend from the $97,250 low point to the $99,793 high point.

Additionally, a rising bullish trendline is taking shape on the hourly chart of BTC/USD, offering support at approximately $97,800. At the moment, Bitcoin’s price hovers above $97,500 and is now above the 100-hour Simple Moving Average. This trendline aligns closely with the 76.4% Fibonacci retracement level of the recent upward surge from $97,250 to $99,793.

On a positive note, the initial resistance point is close to the $99,800 mark. The primary resistance, however, lies around the $100,000 mark. If we see a significant push past the $100,000 resistance, it could potentially drive the price upward.

If we surpass the current resistance at $102,500, it’s possible that the price will continue to climb. In this scenario, we may reach the next resistance at $105,000. Should the price keep rising, it could potentially push towards the $108,000 level.

Another Drop In BTC?

If Bitcoin doesn’t manage to break through the $100,000 barrier, there might be a potential drop in its value. For now, a supportive level for Bitcoin could be around $98,500 if it begins to decline.

In simpler terms, currently, the primary backup is approximately at $97,800. Another backup is found around the $96,550 area. If there are further drops, the value may head towards the nearby $95,000 support level 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 – $98,500, followed by $96,550.

Major Resistance Levels – $99,800 and $100,000.

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2025-01-06 09:04