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

Bitcoin price started a fresh surge above the $100,000 zone. BTC is rising and might aim for a move toward the $105,000 resistance.

• Bitcoin started a strong increase above the $98,500 resistance zone.

• The price is trading above $100,500 and the 100 hourly Simple moving average.

• There is a new connecting bullish trend line forming with support at $102,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).

• The pair could start another increase if it clears the $104,200 zone.

Bitcoin Price Surges Over 8%

Bitcoin price started a fresh increase from the $95,500 support zone. BTC formed a base and was able to clear the $98,000 resistance zone. The bulls even pushed the price above $100,000.

The pair spiked above $103,500 and tested $104,200. A high is formed at $104,082 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $95,824 swing low to the $104,082 high.

Bitcoin is now trading above $100,500 and the 100 hourly Simple moving average. There is also a new connecting bullish trend line forming with support at $102,000 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $103,500 level. The first key resistance is near the $104,500 level. The next key resistance could be $105,000. A close above the $105,000 resistance might send the price further higher. In the stated case, the price could rise and test the $106,500 resistance level. Any more gains might send the price toward the $108,000 level.

Are Dips Supported In BTC?

If Bitcoin fails to rise above the $103,500 resistance zone, it could start another downside correction. Immediate support on the downside is near the $102,200 level. The first major support is near the $100,000 level and the 50% Fib retracement level of the upward move from the $95,824 swing low to the $104,082 high.

The next support is now near the $98,800 zone. Any more losses might send the price toward the $97,500 support in the near term. The main support sits at $96,200.

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 – $102,200, followed by $100,000.

• Major Resistance Levels – $104,200 and $105,000.