Bitcoin Price Approaches $100K: The Countdown Is On

Bitcoin worth is rising steadily above the $95,000 zone. BTC is exhibiting optimistic indicators and would possibly quickly hit the $100,000 milestone degree.

• Bitcoin began a recent improve above the $95,000 zone.
• The worth is buying and selling above $95,000 and the 100 hourly Easy transferring common.
• There’s a key bullish pattern line forming with assist at $95,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might proceed to rise if it clears the $100,000 resistance zone.

Bitcoin Worth Units One other ATH

Bitcoin worth remained supported above the $92,000 degree. BTC shaped a base and began a recent improve above the $95,000 degree. It cleared the $96,500 degree and traded to a brand new excessive at $98,999 earlier than there was a pullback.

There was a transfer beneath the $98,000 degree. Nonetheless, the worth remained secure above the 23.6% Fib retracement degree of the upward transfer from the $91,500 swing low to the $98,990 excessive. There may be additionally a key bullish pattern line forming with assist at $95,200 on the hourly chart of the BTC/USD pair.

The pattern line is near the 50% Fib retracement degree of the upward transfer from the $91,500 swing low to the $98,990 excessive. Bitcoin worth is now buying and selling above $96,000 and the 100 hourly Easy transferring common.

On the upside, the worth might face resistance close to the $98,880 degree. The primary key resistance is close to the $99,000 degree. A transparent transfer above the $99,000 resistance would possibly ship the worth increased. The following key resistance may very well be $100,000.

A detailed above the $100,000 resistance would possibly provoke extra positive factors. Within the said case, the worth might rise and take a look at the $102,000 resistance degree. Any extra positive factors would possibly ship the worth towards the $104,500 resistance degree.

Draw back Correction In BTC?

If Bitcoin fails to rise above the $100,000 resistance zone, it might begin a draw back correction. Instant assist on the draw back is close to the $98,000 degree.

The primary main assist is close to the $96,800 degree. The following assist is now close to the $95,500 zone and the pattern line. Any extra losses would possibly ship the worth towards the $92,000 assist within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

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

Main Assist Ranges – $96,800, adopted by $95,500.

Main Resistance Ranges – $99,000, and $100,000.

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