Categories: Bitcoin Latest News

Bitcoin Price Gains 10%: Is The $100K Dream Closer Than Ever?

Bitcoin price is up over 10% and trading above $86,000. BTC is showing no signs of stopping and might aim for a move toward $100,000 in the near term.

Bitcoin started a fresh surge above the $82,500 zone.
The price is trading above $85,000 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support at $82,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to rise above the $88,500 resistance zone.

Bitcoin Price Sets Another ATH

Bitcoin price started a fresh increase above the $80,500 level. BTC cleared the $85,000 resistance and traded to a new all-time high. It posted a high at $89,600 and is currently consolidating gains.

There was a minor decline below the $89,000 level. However, the price is still well above the 23.6% Fib retracement level of the upward move from the $78,555 swing low to the $89,600 high. There is also a connecting bullish trend line forming with support at $82,500 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $86,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $88,800 level. The first key resistance is near the $89,500 level. A clear move above the $89,500 resistance might send the price higher. The next key resistance could be $92,500.

A close above the $92,500 resistance might initiate more gains. In the stated case, the price could rise and test the $95,000 resistance level. Any more gains might send the price toward the $100,000 resistance level.

Are Dips Limited In BTC?

If Bitcoin fails to rise above the $88,800 resistance zone, it could start a downside correction. Immediate support on the downside is near the $88,000 level.

The first major support is near the $84,000 level or the 50% Fib retracement level of the upward move from the $78,555 swing low to the $89,600 high. The next support is now near the $82,500 zone and the trend line. Any more losses might send the price toward the $80,500 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 80 level.

Major Support Levels – $88,000, followed by $84,000.

Major Resistance Levels – $88,800, and $92,500.

[#item_full_content]NewsBTCRead More

Recent Posts

Bitcoin May Be More Vulnerable to Negative News Near $100K, Data Suggests

Yes, you read the title correctly, and it does appears contradictory. As bitcoin (BTC) nears…

56 minutes ago

XRP, DOGE Lead Crypto Losses as Weekend Pullback in Bitcoin Causes $500M Liquidations

Bitcoin (BTC) pared last week’s gains with a price drop from $98,500 to as low…

56 minutes ago

Tether in Talks to Support Cantor Fitzgerald’s Planned Bitcoin Lending Program: WSJ

Howard Lutnick, chairman of Wall Street trading firm Cantor Fitzgerald, is in discussions with Tether's…

56 minutes ago

MicroStrategy Is a Bitcoin Magnet Pulling in the Earth’s Capital Reserves: Bernstein

MicroStrategy's (MSTR) bitcoin (BTC) treasury model is unparalleled and the company is expected to attract…

56 minutes ago

ETH/BTC’s 8-Year Cycle Chart Shows How High Ethereum Price Can Go This Cycle

Recent analysis suggests that the Ethereum price may be operating on an 8-year cycle, diverging…

56 minutes ago

Le Bitcoin va atteindre 140 000 $, selon trois IA gérant un fonds d’investissement de 30 millions de dollars

Intelligent Alpha construit des portefeuilles en s'appuyant sur des choix d'investissement basés sur l'IA. L’entreprise…

9 hours ago