In the last 24 hours, the price of Bitcoin has recovered well, breaking out from its previous range of $96,000 to $97,000.
Bitcoin price showed signs of recovery on Wednesday as the world’s largest cryptocurrency by market capitalization rose above $100,000 after December US Consumer Price Index (CPI) data.
Bitcoin price rose sharply from a low of $97K to over $100K in just a few hours following the release of CPI data. The price consolidated below $100K several times before hitting a high near $100.7K. As BTC price faced selling from STHs, it dropped below immediate Fib level of 23.6%.
The BTC/USDT trading pair continues to hover around $100K, which could present a significant resistance level. If the price drops below the EMA20 trend line on the 1-hour chart, the sellers will likely attempt to push it back down to $90,000.
However, if the price manages to hold above $100K, it would favor the buyers. The trading pair could then increase to $102,914, and possibly reach $108K afterward. If it surpasses this level, the next target could be above $125,000. We expect a minor upward correction as the RSI level is at 57, maintaining the buying demand.
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