Bulls Prepare for the Next Leg Up

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 Reclaims $100K

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.

Downside Correction In BTC?

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.