As a seasoned analyst with over a decade of experience in the financial markets, I have seen my fair share of market cycles and trends. The latest Bitcoin price surge to test the $100,000 level is no exception. While it’s essential to remain cautious and not get carried away by the hype, the current price action suggests a bullish trend that might continue.
The price of Bitcoin recently surged and reached approximately $100,000. At this moment, it looks very optimistic for Bitcoin, and there’s a good chance it will keep climbing higher.
- Bitcoin is gaining pace above the $96,500 zone.
- The price is trading below $98,500 and the 100 hourly Simple moving average.
- There was a break above a key bearish trend line with resistance at $97,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair tested the key milestone level at $100,000 and might extend gains.
Bitcoin Price Hits $100K
The cost of Bitcoin surged beyond the $96,500 barrier, which previously served as a resistance point. Notably, Bitcoin managed to surpass the resistance at $97,500 and $98,000 as well. In an impressive show of strength, bulls propelled the price to a new record high.
On the hourly Bitcoin-to-USD chart, we observed a breach of a significant bearish trend line with a resistance at $97,550. Subsequently, the price reached and tested the $100,000 mark. The current price movement indicates that it may keep rising, maintaining its position above the 23.6% Fibonacci retracement level stemming from the price low at $64,656 to the high at $100,000.
Currently, Bitcoin’s trading value hovers below approximately $98,500 and also falls short of its 100-hour Simple Moving Average. If it surges, potential obstacles may appear around $100,000. The primary initial barrier is found near $102,000. Overcoming this hurdle at $102,000 could potentially propel the price further upwards.
If we surpass $105,000, the price may continue to climb, potentially reaching the $108,000 resistance point. Should it overcome this too, further increases could propel the price towards approximately $112,000.
Another Drop In BTC?
If Bitcoin fails to rise above the $100,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $98,800 level.
The first significant point where the price could be stabilized is around $98,000. After that, another potential support level is either close to $96,500 or at the 61.8% Fibonacci retracement point during the upward trend from the $64,656 low to the $100,000 high. If there are further losses, it may push the price towards the support at $95,000 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 $96,500.
Major Resistance Levels – $100,000, and $102,000.
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2024-12-05 05:46