Bitcoin (BTC) Breaks Above $100,000, Showing Strong Upward Momentum That Could Signal Further Gains

Bitcoin (BTC) has broken above the $100,000 price level, showing strong upward momentum that could signal further gains ahead.

Bitcoin broke above the $102,000 price level and showed strong upward momentum, which could set the stage for further gains. BTC/USD is now trading well above the $102,500 level and the 100 hourly Simple moving average.

The Bitcoin price is now facing an immediate resistance at $104,500 and the first major resistance level is at $105,000. A decisive move above the $105,000 level could open the door for a rally towards $106,200.

Bitcoin is trading in a new connecting bullish trend line with support at $103,500 on the 1-hour chart of BTC/USD (Data feed via TradingView). This trend line could serve as an important support level in the coming hours.

The world’s largest cryptocurrency is showing strong signs of a bullish trend, with the price remaining above the key moving averages and major support levels.

Bitcoin price is handling the new week with a slight correction that could be used by buyers to enter new positions. The cryptocurrency started the new week with a new all-time high.

After finding support near the $96,500 zone, Bitcoin went on another impressive rally that carried the price to new yearly highs of $104,943.

BTC/USD 1-hour chart

As the market trades above the $102,000 level, the next resistance level to watch is at $104,500. A break above this level could clear the way for a move towards the $105,000 level.

Key Bitcoin Levels to Watch

The immediate support level for Bitcoin is at the $103,500 level, which is the trend line support. A break below this level could cancel the bullish trend and open the door for a move towards the $100,500 level.

The first major support level is at the $102,800 level, which could attract buyers on any dips.

Bitcoin is trading above the 50% Fibonacci retracement level of the recent upward move from the $95,825 low to the $104,943 high. The 50% Fib level is at $100,384 and the 61.8% Fib level is at $98,800.

The next support level is at the $98,800 level, which is the Fib level and could be a point of interest for buyers.

The strongest support level is at the $97,500 level, which is the low of December 27. This level is likely to attract substantial buying interest.

Bitcoin’s latest price action shows a clear uptrend with higher lows and higher highs. The price is also trading above all of the key moving averages, which suggests that the path of least resistance remains to the upside.

The recent consolidation above the $102,000 level provides a strong foundation for potential further gains. As the market eyes key resistance levels, Bitcoin’s next move could determine whether this rally has staying power or if a correction is due.