Bitcoin Price Surges Past Key Levels—Is $100K the Next Milestone?

Bitcoin has begun a significant increase, trading above $95,500. Currently, BTC is over $96,000 and may soon target the $100K mark in the near future.

Key Takeaways

Bitcoin has initiated a notable rise over the $94,000 and $95,500 levels.
The price is positioned above $95,000 and also above the 100 hourly Simple Moving Average.
A bullish trend line is forming, providing support around $95,250 on the hourly chart of the BTC/USD pair (data sourced from Kraken).
Continued movement upward is likely if the price holds above the $95,000 threshold.

Bitcoin Price Clears the Ceiling

Bitcoin Price Breaks Through Significant Resistance

Recently, Bitcoin price has successfully maintained its position above the $92,500 support level and has commenced a fresh upward trend. BTC managed to settle above both $94,000 and $95,000 levels. The bullish momentum helped push the price past $95,500, with a spike leading to a peak of $97,898. Currently, Bitcoin is consolidating above the 23.6% Fib retracement level from its recent swing low of $89,995 to the high of $97,898.

Bitcoin continues to trade above the $96,000 mark and the 100 hourly Simple Moving Average. If it maintains stability above $95,500, there could be potential for further advances. The immediate resistance level to watch is around $97,200, followed by a key resistance near $97,800.

Bitcoin Price Chart
Source: BTCUSD on TradingView.com

The next resistance level for Bitcoin is around $98,000. If the price can close above this level, it might continue to rise, aiming for a test of the $98,800 resistance. Any additional upward momentum could push the price toward the $99,500 level, with subsequent barriers for bulls positioned at $99,800 and the crucial $100,000 milestone.

Potential Pullback for BTC?

Conversely, if Bitcoin is unable to breach the $97,200 resistance, it may begin another decline. The immediate support level lies near $96,000, with the first major support at around $95,250, which coincides with the trend line.

The following support level is situated close to the $94,000 area, aligning with the 50% Fib retracement level of the recent upward movement from the $89,995 swing low to the $97,898 high. Should losses continue, the price might drop toward the $93,000 support level in the short term, with the significant support level resting at $92,500. Falling below this could accelerate declines in the near future.

Technical Indicators:

Hourly MACD: The MACD is currently losing strength in the bullish territory.
Hourly RSI (Relative Strength Index): The RSI for BTC/USD is now above the 50 level.
Major Support Levels: $96,000, followed by $95,250.
Major Resistance Levels: $97,200 and $97,800.

This analysis illustrates that while Bitcoin is currently in a strong position, it remains crucial for traders to monitor resistance and support levels closely as the market evolves.