Bitcoin's price has recently hit a significant milestone, surpassing $100,000 on December 5th around 11:00 AM, and has since risen to $103,000. This comes after a strong trading session on December 4th, where Bitcoin closed with a 2.87% increase, forming a bullish candlestick pattern.

The cryptocurrency has broken out of a parallel ascending channel at the monthly level, turning the previous resistance line into a new support level, which is expected to encourage further price growth. The positioning of moving averages is also positive, as they have caught up with the candlesticks after a noticeable gap, providing increased support for upward momentum.

Analysts using Fibonacci retracement techniques have identified an immediate target price of approximately $105,600 following the recent surge past the $100,000 mark. This favorable market environment suggests the potential for continued price increases in the near future.