Bitcoin Price Surges Past $100K—Bull Market Officially Back?

Bitcoin value began a contemporary surge above the $100,000 zone. BTC is rising and may purpose for a transfer towards the $105,000 resistance.

• Bitcoin began a powerful enhance above the $98,500 resistance zone.
• The worth is buying and selling above $100,500 and the 100 hourly Easy shifting common.
• There’s a new connecting bullish pattern line forming with help at $102,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might begin one other enhance if it clears the $104,200 zone.

Bitcoin Worth Surges Over 8%

Bitcoin value began a contemporary enhance from the $95,500 support zone. BTC fashioned a base and was capable of clear the $98,000 resistance zone. The bulls even pushed the value above $100,000.

The pair spiked above $103,500 and examined $104,200. A excessive is fashioned at $104,082 and the value is now consolidating features above the 23.6% Fib retracement stage of the upward transfer from the $95,824 swing low to the $104,082 excessive.

Bitcoin is now buying and selling above $100,500 and the 100 hourly Simple moving average. There may be additionally a brand new connecting bullish pattern line forming with help at $102,000 on the hourly chart of the BTC/USD pair.

On the upside, quick resistance is close to the $103,500 stage. The primary key resistance is close to the $104,500 stage. The following key resistance might be $105,000. An in depth above the $105,000 resistance may ship the value additional larger. Within the said case, the value might rise and check the $106,500 resistance stage. Any extra features may ship the value towards the $108,000 stage.

Are Dips Supported In BTC?

If Bitcoin fails to rise above the $103,500 resistance zone, it might begin one other draw back correction. Speedy help on the draw back is close to the $102,200 stage. The primary main help is close to the $100,000 stage and the 50% Fib retracement stage of the upward transfer from the $95,824 swing low to the $104,082 excessive.

The following help is now close to the $98,800 zone. Any extra losses may ship the value towards the $97,500 help within the close to time period. The primary help sits at $96,200.

Technical indicators:

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

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

Main Assist Ranges – $102,200, adopted by $100,000.

Main Resistance Ranges – $104,200 and $105,000.