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The price of Bitcoin has surpassed the $100,000 range and is rising rapidly. BTC is rising and could go higher if it clears the $102,000 area.
- Bitcoin has started a significant rally above the $100,000 area.
- The price is trading above $100,500 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a breakout occurred above a short-term descending channel with resistance at $99,400.
- If it stays above the $100,000 support, the pair could start another increase.
Bitcoin Price Recovers $100,000
The price of Bitcoin has begun a significant uptrend, crossing the $98,000 level. BTC was able to break above the $98,500 and $98,800 levels.
The bulls were able to push the price above the key barrier of $10,000. The price soared to $101,500. Moreover, on the hourly chart of the BTC/USD pair, it broke the short-term descending channel with resistance at $99,400.
A high was formed at $102,000 and the price is now consolidating gains and well above the 23.6% Fib retracement level rising from the $89,115 swing low to the $102,000 high.
Bitcoin price is currently trading above $100,800 and the 100-hour simple moving average. Meanwhile, immediate resistance is close to the $102,000 level. The first major resistance is near the $102,500 level. A clear break above the $102,500 resistance could push the price higher. The next major resistance could be $104,000.
A break above the $104,000 resistance could push the price higher. If indicated, the price could move higher to test the $106,000 resistance level. More profits could push the price higher to the $108,500 level.
Fixing BTC’s shortcomings?
If Bitcoin fails to rise above the $102,000 resistance zone, a downward correction could begin. Immediate support for the downside is near the $100,500 level. The first major support is near the $100,000 level.
The next support is now near the $95,500 zone or the 50% Fib retracement level of the rise from the $89,115 swing low to the $102,000 high. More losses could push the price towards the $93,500 support in the near term.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $100,500, then $100,000.
Key resistance levels – $102,000 and $102,500.