Categories: Bitcoin Latest News

Bitcoin Price on the Brink: $100K Breakthrough Imminent?

Bitcoin price is recovering higher above the $96,000 level. BTC is showing positive signs and aims for a fresh increase above the $98,800 level.

Bitcoin started a fresh increase above the $96,000 zone.
The price is trading above $96,500 and the 100 hourly Simple moving average.
There was a break above a short-term bearish trend line with resistance at $96,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if it clears the $98,000 resistance zone.

Bitcoin Price Eyes Key Upside Break

Bitcoin price remained stable above the $94,500 zone. BTC formed a base and started a fresh increase above the $95,000 resistance zone. The bulls were able to push the price above the $96,000 resistance zone.

There was a break above a short-term bearish trend line with resistance at $96,400 on the hourly chart of the BTC/USD pair. The pair climbed above the 61.8% Fib retracement level of the downward move from the $98,670 swing high to the $95,754 low.

Bitcoin price is now trading above $96,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $98,000 level. It is near the 76.4% Fib retracement level of the downward move from the $98,670 swing high to the $95,754 low.

The first key resistance is near the $98,800 level. A clear move above the $98,800 resistance might send the price higher. The next key resistance could be $99,200. A close above the $99,200 resistance might initiate more gains. In the stated case, the price could rise and test the $100,000 resistance level. Any more gains might send the price toward the $102,000 level in the coming sessions.

Another Drop In BTC?

If Bitcoin fails to rise above the $98,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $97,200 level.

The first major support is near the $96,500 level. The next support is now near the $95,000 zone. Any more losses might send the price toward the $93,500 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 – $96,500, followed by $95,000.

Major Resistance Levels – $98,000, and $98,800.

[#item_full_content]NewsBTCRead More
AddThis Website Tools

Recent Posts

Bitcoin Devs Float Proposal to Freeze Quantum-Vulnerable Addresses — Even Satoshi Nakamoto’s

A new Bitcoin draft proposal wants to do what’s long been unthinkable: Freeze coins secured…

35 minutes ago

This Bitcoin Thesis ‘Will Retire Your Bloodline,’ Says Expert

A provocative post published on July 14 by long‑time Bitcoin advocate and “Taproot Wizard” Udi Wertheimer has…

35 minutes ago

What If the Magnificent 7 Allocated Just 1% of Their Cash to Bitcoin?

Bitcoin Magazine What If the Magnificent 7 Allocated Just 1% of Their Cash to Bitcoin?…

35 minutes ago

Altcoin Season Index Spikes Above 30, But Bitcoin Dominance Remains High, What Next?

The altcoin season has remained elusive because Bitcoin has continued to dominate the market. Even…

2 hours ago

Bitlayer’s BitVM Bridge Debuts Its Mainnet, Offers Trust-Minimized Bitcoin DeFi

Bitlayer's BitVM Bridge launched its mainnet on Wednesday, enabling bitcoin (BTC) liquidity for decentralized finance…

4 hours ago

Bitcoin Falls Below $117,000 Amid $3.5 Billion Profit-Taking Frenzy

The Bitcoin price has slipped under  $117,000 as on-chain data shows the network has observed…

4 hours ago