Bitcoin’s price has risen 2.41% today, but now appears to be retracing after a false breakout at $99,828. If it closes near $100,000 today, further gains could push it to $100,500, with potential for even higher levels if buyers continue their momentum.
As of today, Bitcoin (BTC) displays some interesting potential movements. According to CoinStats, buyers are currently outpacing sellers. In fact, BTC has seen a nice uptick of 2.41% within the past 24 hours, which may indicate a bit of momentum brewing. Yet, as the day progresses, we are witnessing a slight decline following a false breakout around the local resistance level of $99,828.
The hourly chart suggests that Bitcoin’s rate is easing off after this brief surge. With most of the Average True Range (ATR) already accounted for, the chances of hefty price swings are fairly limited at this point. However, if the daily trading bar wraps up near the critical $100,000 mark, we could potentially see further gains pushing the price closer to the $100,500 zone.
Looking at the broader picture, Bitcoin recently managed to break through the $97,470 resistance level. Should buyers maintain this upward direction and the daily candle closes significantly above that threshold, the price could test the $102,000 area next. But, in the medium-term, it appears that Bitcoin still has some distance to cover before reaching those pivotal levels.
Right now, traders should keep a keen eye on that $100,000 level. If this week’s bar closes above that and avoids a long wick, further advancements into the $105,000 to $110,000 range seem more plausible. As of the latest data, Bitcoin is currently trading at $99,302.
