Bitcoin Price Reclaims $100K: Is the Bull Run Back On?

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As a seasoned analyst with over two decades of market experience under my belt, I see the recent surge in Bitcoin price as a promising sign of continued growth. Having witnessed numerous bull and bear markets, I can confidently say that the current price action is reminiscent of a healthy uptrend.

The cost of Bitcoin has stayed stable above the $95,500 level. At present, Bitcoin has surged by more than 5%, and it’s now trading beyond the $100,000 resistance point.

  • Bitcoin started a fresh increase above the $97,500 zone.
  • The price is trading above $98,800 and the 100 hourly Simple moving average.
  • There was a break above a key bearish trend line with resistance at $97,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct some gains before it attempts to surpass the $102,000 resistance zone.

Bitcoin Price Regains Strength

The cost of Bitcoin established a foundation and initiated an upward trend surpassing the $98,000 mark. It also climbed over the $98,800 and $99,200 thresholds.

During the upward trend, there was a significant break above a significant bearish trendline, offering resistance at $97,500 on the hourly chart of BTC/USD. The pair managed to surpass the $100,000 level as well. A new high was reached at $101,900, and currently, the price is consolidating its gains.

The Bitcoin price is gradually approaching the 23.6% Fibonacci retracement level from its swing low at $94,314 to its high at $101,900, and currently trades above $100,000 and above the 100-hour Simple Moving Average.

If the price continues to increase, it may encounter resistance at around $101,400 and $102,000. Overcoming these levels could potentially push the price upwards towards $104,000 and even $105,000. Should the price break past $105,000, it may continue its upward trend towards $108,000.

Another Decline In BTC?

If Bitcoin fails to rise above the $102,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $100,000 level.

As a researcher, I’ve identified two crucial support levels in the current market scenario. The first significant support lies around the $98,200 mark or the 50% Fibonacci retracement level derived from our recent price movement, which ranged from a swing low of $94,314 to a high of $101,900. A secondary support can now be found in the vicinity of the $97,250 zone. Further losses might push the price towards the near-term support at $95,000.

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 – $100,200, followed by $98,200.

Major Resistance Levels – $102,000, and $104,000.

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2024-12-12 05:46