Bitcoin price initiated a new upward movement, surpassing the $100,000 threshold. BTC is experiencing an upward trajectory and could potentially target the $105,000 resistance level. Bitcoin initiated a significant upward movement beyond the $98,500 resistance threshold. The price is currently positioned above $100,500 and the 100-hourly Simple Moving Average.
A new connecting bullish trend line is emerging, with support positioned at $102,000 on the hourly chart of the BTC/USD pair. The pair may initiate another upward movement should it surpass the $104,200 threshold.
Bitcoin price initiated a new upward movement from the $95,500 support zone. BTC established a foundation and successfully surpassed the $98,000 resistance threshold. The bulls managed to elevate the price beyond $100,000. The pair surged past $103,500 and approached $104,200. A peak has been established at $104,082, with the price currently solidifying gains above the 23.6% Fibonacci retracement level of the upward movement from the $95,824 swing low to the $104,082 high. Bitcoin is currently trading above $100,500 and the 100 hourly Simple moving average. A new connecting bullish trend line is emerging, with support positioned at $102,000 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is positioned around the $103,500 level. The initial significant resistance is situated around the $104,500 mark. The subsequent significant resistance level may be $105,000. A close above the $105,000 resistance could propel the price to even greater heights. In the given scenario, the price may increase and approach the $106,500 resistance level. Further increases could propel the price towards the $108,000 mark. If Bitcoin does not manage to surpass the $103,500 resistance zone, it may initiate another downward correction. Immediate support on the downside is situated around the $102,200 level. The initial significant support is located around the $100,000 mark, coinciding with the 50% Fibonacci retracement level derived from the upward movement between the $95,824 swing low and the $104,082 peak.
The subsequent support level is currently situated around the $98,800 area. Further losses could potentially drive the price down to the $97,500 support level in the short term. The primary support level is established at $96,200.
Technical indicators:
Hourly MACD – The MACD is currently accelerating within the bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD has risen above the 50 threshold.
Key Support Levels – $102,200, subsequently $100,000.
Key Resistance Levels – $104,200 and $105,000.