This article is also available in Spanish.
Bitcoin’s price has seen a significant increase above the $96,000 level. If BTC manages to break through the $100,00 resistance zone, it may continue to rise.
- Bitcoin has started a decent upward movement above the $96,000 zone.
- The price is currently trading above $96,500 and the 100-hourly Simple Moving Average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), there is a connecting bullish trend line forming with support at $98,500.
- If the pair maintains support above the $96,000 zone, it could potentially see another increase.
Bitcoin Price Poised for Momentum Gain
Bitcoin’s price has initiated an upward move above the $95,000 resistance zone, surpassing levels like $96,500 and $97,000.
After clearing the $98,000 resistance, the price approached the $100,000 resistance level, reaching a high of $99,400 before consolidating gains. A test was conducted on the 23.6% Fib retracement level of the upward wave from the $92,415 swing low to the $99,400 high.
Currently, Bitcoin’s price is above $96,500 and the 100-hourly Simple Moving Average. Immediate resistance lies near the $99,200 level, with $99,500 being the first key resistance. A clear breakthrough above $99,500 could lead to further price increases, with $100,000 being the next significant resistance.
A break above the $100,000 resistance could lead to further price gains, potentially testing the $102,200 resistance level. Subsequent gains may push the price toward $103,500.
Possible Downtrend in BTC?
If Bitcoin fails to surpass the $100,000 resistance zone, it may trend downwards. Immediate support lies near the $98,200 level and the trend line.
The primary support is around $96,000 or the 50% Fib retracement level, followed by the $95,000 zone. Further losses could bring the price down to the $93,200 support level in the short term.
Technical indicators:
Hourly MACD – The MACD is showing bullish momentum.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.
Major Support Levels – $97,000, followed by $96,000.
Major Resistance Levels – $99,000 and $100,000.