Bitcoin price has recently seen a significant increase above the $96,000 level, signaling a potential continuation of its upward trend if it manages to clear the $100,000 resistance zone. The price is currently trading above $96,500 and the 100 hourly Simple Moving Average, showcasing bullish momentum in the market. Additionally, a connecting bullish trend line with support at $98,500 has formed on the hourly chart of the BTC/USD pair, indicating a possible uptrend continuation if the price remains above the $96,000 support zone.
With Bitcoin price showing signs of potential upward momentum, it has already surpassed key resistance levels such as $95,000, $96,500, and $97,000. The price even broke through the $98,000 resistance level and approached the $100,000 resistance before consolidating gains. Following a test of the 23.6% Fib retracement level from the recent swing low to high, Bitcoin price is now currently trading above $96,500 and the 100 hourly Simple Moving Average. The immediate resistance lies near the $99,200 level, with the first key resistance at $99,500 or the recent high. A clear break above $99,500 could potentially propel the price towards the $100,000 mark.
In the event that Bitcoin manages to close above the $100,000 resistance zone, it may further rally towards the $102,200 resistance level, with additional gains possibly pushing the price towards $103,500. However, if Bitcoin fails to break above the $100,000 resistance level, it could face a downside movement. Immediate support is seen near the $98,200 level and the trend line, with the first major support at $96,000 or the 50% Fib retracement level. Further support levels can be found near the $95,000 zone, with potential downside movement towards the $93,200 support in the near term. Technical indicators such as the hourly MACD and RSI for BTC/USD are both signaling bullish momentum, with major support levels at $97,000 and $96,000, and major resistance levels at $99,000 and $100,000.
In conclusion, Bitcoin price has shown a decent increase above the $96,000 level, hinting at a potential continuation of its upward momentum if it successfully clears the $100,000 resistance zone. The price is currently trading above key support levels and technical indicators are pointing towards a bullish trend in the market. Traders and investors will be closely watching to see if Bitcoin can maintain its current trajectory and potentially hit new resistance levels in the near future.
