The cryptocurrency world is buzzing with excitement as Bitcoin, the leading digital currency, makes headlines by surging past the significant $100,000 resistance zone. This impressive upward movement has seen BTC rise nearly 5%, reaching a new pinnacle above $106,400.
Key Highlights of Bitcoin’s Surge
- Bitcoin initiates a robust ascent beyond the $100,000 mark.
- The price is currently holding above $102,000, surpassing the 100-hourly Simple Moving Average.
- A bullish trend line is emerging, offering support at $103,400 on the hourly BTC/USD chart from Kraken’s data feed.
- The potential for a renewed increase remains if the price maintains above the $102,500 support zone.
Bitcoin Price Rallies Again
After establishing a strong base, Bitcoin has embarked on a fresh rally, crossing the $100,000 threshold with conviction. This surge took the price past the $102,200 and $103,500 levels, eventually breaching the $104,000 barrier. The rally culminated in a new record high at $106,487, with Bitcoin now consolidating its gains.
In the current scenario, Bitcoin is trading above $102,000, well-supported by the 100-hourly Simple Moving Average. A connecting bullish trend line is providing additional support around $103,400 on the hourly BTC/USD chart. This trend line aligns closely with the 50% Fibonacci retracement level of the recent upswing from the $99,250 low to the $106,487 high.
Potential Resistance Levels on the Upside
Moving forward, Bitcoin may encounter resistance near the $105,500 level. Breaking through this point could unlock further resistance around the $106,500 mark. A decisive move beyond $106,500 could propel the price even higher, with the next significant resistance anticipated at $108,000. Should the price close above this level, a test of the $110,000 resistance may be on the horizon. Any additional gains could steer the price toward the $112,000 level.
Another Decline in BTC?
Despite the bullish momentum, there’s always a possibility that Bitcoin might face challenges if it fails to break past the $105,500 resistance zone. In this scenario, the price could experience a downward shift. Immediate support can be found near $103,500 or along the trend line, with major support resting around the $102,000 level. A further drop may bring the price toward the $100,250 zone, and if losses persist, Bitcoin could retreat to the $98,000 support level in the short term.
Technical Indicators
- Hourly MACD: The MACD is gaining momentum in the bullish zone.
- Hourly RSI: The RSI for BTC/USD is currently above the 50 level, indicating strength.
- Major Support Levels: $103,500, followed by $102,000.
- Major Resistance Levels: $105,500, and $106,500.
