Bitcoin Price Pauses Under $100K: Bulls Eye the Milestone

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As a seasoned crypto investor with over a decade of experience in the digital currency market, I find myself constantly intrigued by Bitcoin’s price action. The current consolidation phase below the $100,000 resistance is reminiscent of a cat toying with a mouse before pouncing. BTC bulls are undoubtedly eyeing this milestone, and a successful breach could propel the price even higher.

The price of Bitcoin is holding steady just under the $100,000 mark, a level it has found difficult to surpass. However, Bitcoin enthusiasts may soon try to break through this barrier and drive the price even higher.

  • Bitcoin started a fresh increase above the $96,500 zone.
  • The price is trading below $98,000 and the 100 hourly Simple moving average.
  • There is a connecting bearish trend line forming with resistance at $98,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to rise if it clears the $98,000 resistance zone.

Bitcoin Price Eyes More Upsides

As a researcher, I observed that despite some fluctuations, Bitcoin’s price steadfastly held above the significant threshold of $92,500. This stability paved the way for BTC to establish a strong foundation and initiate an upward trend surpassing the $96,000 mark. With this milestone conquered, Bitcoin breached the $97,500 level and reached an unprecedented high of $99,650 before experiencing a temporary correction.

Previously, the price had dropped below the $98,000 mark, reaching a low at $95,973. However, it is now on an upward trend. The resistance level at $96,800 was surpassed, and the price has also moved above the 50% Fibonacci retracement level of the downward move from the $99,650 peak to the $95,973 trough.

As a researcher observing the Bitcoin market, I’ve noticed that its current trading price has dipped below $98,000 and is now hovering just under the 100-hour Simple Moving Average. Looking ahead, potential resistance might be encountered near the $98,000 mark. Additionally, a bearish trend line seems to be forming with a resistance point at $98,000 on the hourly BTC/USD chart. This trend line is close to the 61.8% Fibonacci retracement level of the recent downtrend from the $99,650 peak to the $95,973 trough.

Approaching the $99,000 mark, a significant barrier lies ahead. Breaking through this barrier at $99,000 could potentially push the price upward. If we surpass this level, the next potential resistance might materialize around $100,000.

If the price breaks through the $100,000 barrier, it could potentially lead to further increases. In this scenario, the price might climb and reach the $102,500 resistance point. Any additional gains might propel the price towards the $105,000 mark.

Downside Correction In BTC?

Should Bitcoin not manage to surpass the $98,000 barrier, it may trigger a potential drop in price. The lowest support level in case of a fall can be found around $96,800.

The first major support is near the $95,750 level. The next support is now near the $95,000 zone. Any more losses might send the price toward the $92,000 support in the near 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 – $96,800, followed by $95,000.

Major Resistance Levels – $98,000, and $100,000.

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2024-11-25 06:04