Bitcoin Price Surge: $100K Target Gains Momentum

Bitcoin has initiated a robust uptrend, climbing above $92,500. Currently, BTC is trading over $95,000 while aiming for the major milestone of $100,000.

Key Takeaways

Bitcoin's price has surged above $92,500, showing strong bullish momentum.
The cryptocurrency is currently trading over $95,000 and has crossed the 100-hourly Simple Moving Average.
A breakout occurred above a consolidating triangle, with new support at the $94,000 level.
Continuation of the upward trend depends on maintaining stability above $94,500.

Bitcoin Price Rips Higher

Bitcoin's Price Increased by Over 4%

Bitcoin's price successfully remained above the support level of $90,500, initiating a significant upward movement. It has consolidated above both $92,000 and $92,500. After breaking past the resistance level at $92,000 on the hourly chart of the BTC/USD pair, the bulls pushed the price above $93,500, ultimately peaking at $96,476. Currently, Bitcoin is consolidating gains above the 23.6% Fibonacci retracement level of the prior wave, which ranged from the swing low of $89,995 to the recent high of $96,476.

As it stands, Bitcoin is trading above $95,000 and the 100-hourly Simple Moving Average. If it can maintain stability over $94,500, a new price increase may be imminent. Immediate resistance is observed around the $96,000 level, with primary resistance forming near $96,500.

Bitcoin Price Chart Source: BTCUSD on TradingView.com

The next potential resistance can be identified at $96,800. A successful close above this level may propel the price even higher, potentially testing the $98,000 resistance. If gains continue, we could see prices reach the $98,500 mark, with crucial barriers forming at $99,000 and $100,000 for bullish traders.

Possible Downtrend in BTC?

If Bitcoin is unable to break through the resistance at $96,000, the price could begin to decline again. Immediate support is around $95,000, with major support found near $94,500. Additional support levels exist at around $93,200 or the 50% Fibonacci retracement level of the recent price movement from $89,995 to $96,476. Any further declines could direct the price toward the $92,500 support area. The primary support threshold is at $91,500, where a drop below this level may trigger more significant losses in the short term.

Technical Indicators

Hourly MACD: Currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index): BTC/USD RSI is above the 50 threshold, indicating bullish sentiment.
Major Support Levels: $95,000 and $94,500.
Major Resistance Levels: $96,000 and $96,800.