Key Takeaways:
Bitcoin started a fresh surge and cleared the key milestone level of $100,000. BTC/USD cleared a connecting trend line with resistance at $90,500 on the monthly chart. The price is now hovering near a major technical resistance at $102,000.Bitcoin’s price made history by surpassing the $100,000 mark. However, BTC bulls need to remain in action above $102,000 for more upside.
Bitcoin Price Hits New ATH Above $100K
After a short-term downside correction, Bitcoin price formed a base above the $90,000 level. Earlier, it cleared a connecting trend line with resistance at $90,500 on the monthly chart. The same trend line remained intact and BTC started a fresh increase.
The bulls were able to pump the price above the $98,000 resistance zone and it remained well above the 50-month simple moving average (blue). Finally, the price created history by surpassing the $100,000 mark.
Bitcoin price monthly chart | Source: BTC/USD on TradingView.comBitcoin price traded to a new record high above $102,000 and is currently showing no signs of slowing down. However, it is facing a major hurdle near the $102,000 level.
The 1.618 Fib extension level of the last main decline from the $68,958 swing high to the $15,487 low is near the $102,000 level. To continue higher, the price must settle above the stated level on the weekly and monthly timeframe.
If not, there could be a downside correction. Immediate support on the downside is near the $96,500 level. The first major support is near the $95,000 level. The main support is now near the trend line at $90,500. A downside break below the $90,500 level could send the price toward the $84,000 level.
If the bulls fail to protect the $84,000 support zone, the price could drift and test the $80,000 level. Any more losses might call for a sustained decline and a drop toward the $55,000 support in the medium term.
More Gains Ahead for BTC?
Conversely, Bitcoin might continue to rise above $102,000. Immediate resistance is near the $104,500 level. The first major resistance is seen near the $108,000 level.
The next stop BTC price could be the $112,000 zone, above which the price could drift and clear the $115,000 milestone level. Any more gains might open the doors for a move toward the 2.618 Fib extension level of the last main decline from the $68,958 swing high to the $15,487 low at $155,000.
Overall, Bitcoin is gaining bullish momentum above $100,000. However, the bulls need to be careful and see reactions near the $102,000 and $104,000 levels.
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