As a researcher tracking Bitcoin‘s movements, I am observing that its value is picking up speed and hovering above the $100,000 mark. If Bitcoin manages to surpass the $102,000 level, it could potentially gain momentum and move higher.
- Bitcoin started a decent increase above the $100,000 zone.
- The price is trading above $100,500 and the 100 hourly Simple moving average.
- There was a break above a short-term declining channel with resistance at $99,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it stays above the $100,000 support zone.
Bitcoin Price Reclaims $100K
The value of Bitcoin began a notable surge beyond the $98,000 mark. Notably, it managed to surpass both the $98,500 and $98,800 thresholds.
The bulls managed to drive Bitcoin’s price above the significant level of $10,000, and it even surpassed $101,500. Moreover, there was a breakout from a temporary downtrend line with a resistance at $99,400 on the hourly Bitcoin-to-USD chart.
At $102,000, a peak was reached, and currently, the price is holding steady as it consolidates its gains, comfortably surpassing the 23.6% Fibonacci retracement level during the uptrend that began at the $89,115 low and peaked at $102,000.
Currently, Bitcoin’s price has surpassed $100,800 and is also above its 100-hour Simple Moving Average. If it continues to rise, potential obstacles for Bitcoin are at approximately $102,000 and $102,500. Breaking through $102,500 could lead to further increase, with the next significant resistance potentially appearing around $104,000.
If the price breaks through the barrier of $104,000, it’s likely to climb higher, potentially reaching the $106,000 resistance point. Further advancements could cause the price to attempt the $108,500 resistance level.
Downside Correction In BTC?
If Bitcoin doesn’t manage to surpass the $102,000 barrier, there might be a drop in price. The initial support for any potential decline could be around $100,500. The significant first support level is at $100,000.
In simpler terms, the next potential support for the price is close to the $95,500 region or the halfway point of the upward trend from the $89,115 bottom to the $102,000 peak. If there are further losses, it might cause the price to move towards the nearby $93,500 support 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 – $100,500, followed by $100,000.
Major Resistance Levels – $102,000 and $102,500.
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2025-01-17 06:04