Key Takeaways:
– Bitcoin price trends above the $95,000 zone, suggesting positive market indications.
– A significant bullish trend line with support at $95,200 is monitored.
– The cryptocurrency may reach the $100,000 milestone if it overcomes the resistance zone.
– Resistance could emerge near the $98,880 and $99,000 levels.
– A close above $100,000 could lead to more gains, possibly testing $102,000 and$104,500 resistance.
– If Bitcoin fails to surpass $100,000, a downside correction may commence.
Bitcoin’s Soaring Trend
The well-renowned cryptocurrency, Bitcoin, has witnessed a steady rise above the $95,000 zone. Bitcoin appears to be on an upward swing and might soon achieve the $100,000 benchmark level. Following the formation of a support level above the $92,000 mark, Bitcoin kick-started an increase that is currently eyeing the awe-inspiring six-figure mark.
Bitcoin’s Stable Movement
Despite undergoing a slight decline below the $98,000 level, the price of Bitcoin held firm above the 23.6% Fibonacci retracement level. This level encompasses the upward trend from a swing low of $91,500 to a high of $98,990 as well as offers key support at $95,200. Coupled with the 100 hourly Simple Moving Average, Bitcoin is currently trading above $96,000.
Resistance and Gains in Bitcoin’s Path
On the bullish track, Bitcoin might encounter resistance around the $98,880 level. The first significant challenge lies around the $99,000 mark. Should Bitcoin clear this hurdle, it could spur a further push upwards, targeting the highly-anticipated level of $100,000. Moving beyond $100,000 might open the gateway to further increases, where the digital currency could eye the resistance levels of $102,000 and $104,500.
Possible Downward Correction
In case Bitcoin falls short in breaching the $100,000 resistance level, it may spiral into a downward correction. Immediate support on the downside hovers near the $98,000 mark. Major support reposes near the $96,800 and $95,500 zones, and the trend line. Any additional losses may send the price plummeting towards the $92,000 support in the short term.
Bitcoin’s Technical Indicators
The Moving Average Convergence Divergence (MACD), an essential tool for traders to identify potential buy and sell points, signifies a bullish phase. The Relative Strength Index (RSI), an oscillator that measures speed and change of price movements, is also on the rise above the 50 level.
In conclusion
As Bitcoin’s price teeters close to the $100,000 mark, crypto-enthusiasts and investors are on alert worldwide. Bolstered by support zones and bullish trends, Bitcoin’s milestone journey inches closer than ever. However, the potential resistance and downside corrections unpredictability continue to add suspense to Bitcoin’s pursuit of the iconic $100,000 threshold.