Bitcoin is making strides in recovering its losses, trading firmly above the $100,000 level. The cryptocurrency has shown encouraging signs, with the potential to rise further if it successfully surpasses the crucial resistance level at $102,500.
A notable upward movement commenced when Bitcoin crossed above the $96,500 barrier, gaining momentum past the $97,200 and $98,800 resistance levels. The price managed to clear significant obstacles around the $100,000 level, even reaching a peak of $102,479. Currently, it is stabilizing above the 23.6% Fibonacci retracement level, which tracks its recent rise from a low of $97,251 to the recent high. Additionally, there is a short-term bullish trend line that provides support at $99,800.
Bitcoin is now trading above $100,500 and the 100-hour Simple Moving Average, indicating strength. The immediate resistance is seen around $102,500, with the next key level at $103,200. Should the price clear this level, further upward momentum may be anticipated. A close above $105,000 could set the stage for a potential rise towards the $106,500 resistance and could even target the upper range near $108,000.
Conversely, if Bitcoin struggles to break through the $102,500 resistance, it may face a downturn. Immediate support is located around $101,250, followed by major support at the $100,000 level. A substantial decline could see Bitcoin falling to the $98,550 area, with a more significant drop risking a return to the $96,500 support zone.
Overall, technical indicators reflect a bullish outlook, as the MACD has gained momentum in the positive zone, and the Relative Strength Index shows values above the neutral 50 level.
