Bitcoin (BTC) Price Breaks Out From Consolidation, Surges to $104k

After days of weak price actions, which later led to a brief consolidation, Bitcoin resurged and broke significantly to $104k today.

After days of weak price actions, which later led to a brief consolidation, Bitcoin (BTC) price surged and broke significantly to $104k today. After this move, it appears strongly bullish and sets up for a bigger rally.

Last week, Bitcoin encountered a slight rejection as it pulled back from the recent high. It faced a slight setback from the buyers at $98k.

After this, Bitcoin pulled back calmly and entered the weekend. This triggered some panic in the crypto market as altcoins bled throughout the last three days.

Luckily, the key support at $93.5k stood well and the price of BTC slowly started climbing back this week. The last 24 hours saw several altcoins experience major gains.

The crypto market capitalization now recovers well following a major breakout from the fundamental but psychological $100k level. After breaking above this level, Bitcoin’s price recovery reached a new milestone of $104,145 once again.

This is a new high that the price of Bitcoin has attained in the last three months, and as we can see, it appears highly bullish on the daily chart. The Benifts upsurge was mainly fueled by increasing demand for the crypto. However, it has faced a slight rejection at the 4-hour chart.

But as the candle closed above the 200-period moving average and the price is still trading above the 50-period moving average, it seems that Bitcoin is poised for a bigger recovery.

BTC/USD Key Levels to Watch

As we can see from the chart above, the next resistance level to watch is $106,457 if the price surges above the current daily high.

If Bitcoin surpasses it, the recent all-time high of $109,588 would be the next resistance level to be on the lookout for. A break-up there should rocket the price to a new high.

The broken $97,895 level may provide support in case of a drop. A candle’s closing below this level could slide us back to $93,500. Other supports are located at $88,765 and $85,800.

Key Resistance Levels: $104,145, $106,457, $109,588

Key Support Levels: $97,895, $93,500, $88,765

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