Bitcoin Price Targets Key Breakout: Bulls Eye Upside Momentum

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As an analyst with over two decades of experience in the financial markets, I have witnessed many bull and bear cycles. Having closely followed the Bitcoin market since its inception, I must say that the current price action is quite intriguing.

The cost of Bitcoin has begun a notable uptick surpassing the 96,000 dollar mark. If it manages to break through the 100,000 dollar barrier as resistance, it could potentially keep climbing higher.

  • Bitcoin started a decent upward move above the $96,000 zone.
  • The price is trading above $96,500 and the 100 hourly Simple moving average.
  • There is a connecting bullish trend line forming with support at $98,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start another increase if it stays above the $96,000 support zone.

Bitcoin Price Could Regain Momentum

The cost of Bitcoin began a notable increase beyond the $95,000 barrier, followed by successful climbs over the $96,500 and $97,000 resistance thresholds.

The pair cleared the $98,000 resistance level and traded close to the $100,000 resistance level. A high was formed at $99,400 and the price is now consolidating gains. There was a test of the 23.6% Fib retracement level of the upward wave from the $92,415 swing low to the $99,400 high.

Currently, Bitcoin’s trading price surpasses $96,500 and aligns with its 100-hour Simple Moving Average. As we look upward, potential obstacles for further growth include the $99,200 region initially, followed by the $99,500 level or its recent peak. A decisive breakthrough above $99,500 could potentially lead to increased prices. Another significant resistance might be found at $100,000.

As a crypto investor, if we manage to break through the $100,000 barrier, it could potentially propel the price even higher. In such a scenario, we might see the price climbing and reaching the resistance at $102,200. Any further gains could push the price towards the $103,500 mark.

Another Decline In BTC?

As an analyst, if Bitcoin doesn’t manage to break through the resistance at $100,000, it might continue to trend lower. The nearest potential support lies around the $98,200 region and the trendline.

As an analyst, I’m observing that the first significant support for this asset lies approximately at the $96,000 level or the 50% Fibonacci retracement point of the rally that started from the $92,415 low and peaked at $99,400. Currently, the immediate support can be found around the $95,000 zone. Further declines could potentially push the price towards the near-term support at $93,200.

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 – $97,000, followed by $96,000.

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

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2024-12-26 06:04