Bitcoin ’s price is showing momentum as it trades above the $100,000 level, with the potential for further gains if it can successfully surpass the $102,000 level. The cryptocurrency has made significant strides recently, breaking through several key barriers that facilitate its current upward trajectory.
Starting from the $98,000 level, Bitcoin has demonstrated a solid increase, moving past important benchmarks such as $98,500 and $98,800. The price managed to rise convincingly above $100,000, establishing a foothold by settling around $100,500 and maintaining its position above the 100-hour simple moving average. A recent breakout from a short-term declining channel with resistance at $99,400 has also bolstered its price action.
Currently, Bitcoin has reached a high of $102,000 and is in a phase of consolidation. It remains well above the 23.6% Fibonacci retracement level of its prior upward movement from a low of $89,115 to the current high. Immediate resistance is identified at the $102,000 threshold, with the next key resistance seen at around $102,500. A decisive move past $102,500 could lead Bitcoin to target $104,000, and a breakout above this level may push the price towards $106,000, with further gains potentially reaching as high as $108,500.
Conversely, if Bitcoin falters and fails to overcome the $102,000 resistance, a downside correction could ensue. Immediate support is present at the $100,500 level, with the critical support region around $100,000. Should the price decline further, the next support level is likely to be near $95,500 or the 50% Fibonacci retracement of the recent rise. Additional downward pressure might lead Bitcoin toward the $93,500 area in the short term.
Technical indicators reinforce the current bullish sentiment, with a rising MACD and an RSI that remains above the neutral 50 level, suggesting that momentum favors the bulls for the time being.
