Bitcoin Price Breaks $100K: Bulls Set Their Sights Higher

Bitcoin price is recovering losses above the $100,000 zone. BTC is showing positive signs and might continue higher if it clears the $102,500 resistance zone.

Bitcoin started a decent increase above the $98,800 zone.
The price is trading above $100,000 and the 100 hourly Simple moving average.
There is a short-term bullish trend line forming with support at $99,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $98,500 support zone.

Bitcoin Price Reclaims $100K

Bitcoin price started a decent upward move above the $96,500 resistance zone. BTC was able to climb above the $97,200 and $98,800 resistance levels.

The price was able to clear many hurdles near the $100,000 level. It even spiked above $102,000. A high was formed at $102,479 and the price is now consolidating gains above the 23.6% Fib retracement level of the recent upward move from the $97,251 swing low to the $102,479 high.

There is also a short-term bullish trend line forming with support at $99,800 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent upward move from the $97,251 swing low to the $102,479 high.

Bitcoin price is now trading above $100,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $102,500 level. The first key resistance is near the $103,200 level. A clear move above the $103,200 resistance might send the price higher.

The next key resistance could be $104,500. A close above the $105,000 resistance might send the price further higher. In the stated case, the price could rise and test the $106,500 resistance level. Any more gains might send the price toward the $108,000 level.

Another Drop In BTC?

If Bitcoin fails to rise above the $102,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $101,250 level.

The first major support is near the $100,000 level. The next support is now near the $98,550 zone. Any more losses might send the price toward the $96,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $101,250, followed by $100,000.

Major Resistance Levels – $102,500 and $103,200.

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