Bitcoin (BTC) Price Started a Fresh Upward Move Above $100,000

Bitcoin price started a fresh upward move above $100,000. BTC is facing resistance at $103,000 and might aim for an upside break.

Bitcoin price started a fresh upward move above the $100,000 level. BTC is facing resistance at $103,000 and might aim for an upside break.

Bitcoin Price Analysis Statistics

Bitcoin price started a fresh decline below the $103,000 and $102,500 levels. BTC even dipped below the $100,000 level before the bulls appeared. A low was formed at $97,688 and the price is now correcting losses.

There was a move above the $99,800 and $100,500 levels. The bulls pushed the price above the 50% Fib retracement level of the downward wave from the $107,080 swing high to the $97,688 low. However, the bears are active near the $103,000 zone.

There is also a key bearish trend line forming with resistance at $102,800 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $103,200 and the 100 hourly Simple moving average.

On the upside, immediate resistance is near the $102,500 level. The first key resistance is near the $103,000 level. The next key resistance could be $103,500 and the 61.8% Fib retracement level of the downward wave from the $107,080 swing high to the $97,688 low.

A close above the $103,500 resistance might send the price further higher. In the stated case, the price could rise and test the $105,000 resistance level. Any more gains might send the price toward the $107,000 level.

Another Decline In BTC Price?

If Bitcoin fails to rise above the $103,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $101,200 level. The first major support is near the $100,500 level.

The next support is now forming near the $100,000 zone. Any more losses might send the price toward the $88,800 support in the near term.

What to Expect from Bitcoin (BTC) Next?

Bitcoin price is trading in a range above the $100,000 support. BTC is facing resistance near the $103,000 level, above which the price might aim for an upside break.

On the other hand, if the price fails to rise above $103,000, it could start another decline. In the stated case, the first major support is forming near the $100,000 level.

Relative Strength Index (RSI) is now below the 50 level, and the Moving Average Convergence Divergence (MACD) is losing pace in the bullish zone.

Bitcoin is trading at a high level and any sharp sell-off from here could lead to massive gains for short-sellers.