Bitcoin has surpassed the $100,000 mark, indicating a potential resurgence in bullish momentum for the cryptocurrency.
The price has remained supported above the $95,500 zone and has recently surged over 5%, breaking through significant resistance levels to reach a new high at $101,900. Technical indicators suggest a strong bullish trend. Bitcoin formed a solid base above the $98,000 level, leading to a fresh increase. It successfully breached the $98,800 and $99,200 thresholds, signaling a shift in market sentiment. Breaking above a bearish trend line at $97,500 further solidified the bullish outlook.
The hourly MACD and Relative Strength Index (RSI) indicate a bullish sentiment, but a downside correction could occur if Bitcoin fails to maintain its upward trajectory and surpass the $102,000 resistance. Immediate support is near the $100,000 level, with major support at $98,200. The market sentiment is cautiously optimistic, with projections suggesting that Bitcoin could reach higher resistance levels, potentially testing $104,000 and $105,000.
External factors such as economic indicators, regulatory developments, and macroeconomic trends will influence Bitcoin's future trajectory. The cryptocurrency market remains volatile, and traders should remain vigilant. Bitcoin's performance will continue to be a focal point for investors and analysts.