Bitcoin Price on the Rise: Eyes Set on $100K as Bulls Return

Bitcoin’s price has recently surged past $96,500, aiming for $100,000. A break above key resistance levels, particularly at $98,800, could signal further increases. Reversal risks exist below $98,250, with key support at $97,000 and $94,200. Technical indicators suggest bullish momentum.

Bitcoin’s price has embarked on a notable upward trend, surpassing the $96,500 threshold. As it currently sits above that mark, analysts are watching closely to see if the cryptocurrency will reach the significant resistance level of $100,000. The recent trend indicates a revival of the bulls, sparking optimism among traders.

The surge began after Bitcoin established itself firmly above the support zone at $93,500. It effectively broke past the $95,000 barrier, with bullish momentum continuing to lift the price above $96,500. Notably, the hourly chart for the BTC/USD pair shows a break above the bearish trend line at $97,200, which is often a key indicator for further price movement.

After a brief spike, Bitcoin reached $98,292 before experiencing some consolidation. Presently, Bitcoin is trading well above the 100-hourly Simple Moving Average and hovering around $97,500. Immediate resistance is found near $98,250, while $98,500 stands as the first crucial resistance level. If Bitcoin can breach the $98,800 mark, analysts believe a push to $99,500 and potentially $100,000 could follow.

However, there are some cautionary notes. If Bitcoin stumbles at this crucial resistance zone of $98,250, another downside correction may be imminent. Immediate support could be found close to $97,700, with a more substantial level at $97,000, which aligns with the 50% Fibonacci retracement level of recent price movements.

If Bitcoin continues to decline, the next significant support may sit around $96,400, with critical backing available at the $95,500 mark. Traders are advised to monitor these levels closely, as breaches could signal further downward movement. The primary level to watch remains $94,200 as a crucial support threshold.

From a technical perspective, indicators show that the hourly MACD is gaining in the bullish territory, hinting at continuing upward momentum. Additionally, the hourly RSI (Relative Strength Index) for BTC/USD is above the 50 level, suggesting that buying strength is present. Major support levels are identified at $97,000 and $96,400, while resistance levels to note are near $98,250 and $98,800.

Traders pondering the right moment to enter the market should keep an eye on these critical indicators, as they point to potential price movements in the near future.