Bitcoin price is gaining pace above the $100,000 zone. BTC is rising and might accelerate higher if it clears the $102,000 zone.
Bitcoin started a decent increase above the $100,000 zone.
The price is trading above $100,500 and the 100 hourly Simple moving average.
There was a break above a short-term declining channel with resistance at $99,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $100,000 support zone.
Bitcoin price started a decent upward move above the $98,000 zone. BTC was able to climb above the $98,500 and $98,800 levels.
The bulls were able to push the price above the key barrier at $10,000. The price even cleared $101,500. Besides, there was a break above a short-term declining channel with resistance at $99,400 on the hourly chart of the BTC/USD pair.
A high was formed at $102,000 and the price is now consolidating gains and is well above the 23.6% Fib retracement level of the upward move from the $89,115 swing low to the $102,000 high.
Bitcoin price is now trading above $100,800 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $102,000 level. The first key resistance is near the $102,500 level. A clear move above the $102,500 resistance might send the price higher. The next key resistance could be $104,000.
A close above the $104,000 resistance might send the price further higher. In the stated case, the price could rise and test the $106,000 resistance level. Any more gains might send the price toward the $108,500 level.
If Bitcoin fails to rise above the $102,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $100,500 level. The first major support is near the $100,000 level.
The next support is now near the $95,500 zone or the 50% Fib retracement level of the upward move from the $89,115 swing low to the $102,000 high. 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 – $100,500, followed by $100,000.
Major Resistance Levels – $102,000 and $102,500.
[#item_full_content]NewsBTCRead MoreBitcoin and crypto staged their strongest rally in months as Treasury intervention, regulatory moves and…
Treasury buybacks are not QE, analysts said, but the move helped pull long-term yields off…
ZEC traded above its January 2018 peak as futures volume hit billions of dollars and…
Bitcoin Magazine Smart Money Helping Support Bitcoin Rebound, Says Pantera Capital American investment firm Pantera…
Bitcoin Magazine Legendary Investor Ray Dalio Touts Bitcoin — With Gold — To Hedge Against…
Hashdex has begun liquidating its Hashdex Bitcoin ETF, ticker DEFI, marking the first closure of…
