Bitcoin Price Surges Over 8% as It Breaks Above the $100,000 Resistance Zone

Bitcoin started a strong increase above the $98,500 resistance zone.

Bitcoin price is showing signs of a strong surge after the recent price movements. BTC started a technical correction and traded in a range.

The price is now up over 8% in the last 24 hours and it seems that the bulls are aiming for a move toward the $105,000 resistance zone.

Bitcoin Price Surges After Testing Support

Bitcoin price is starting a fresh increase from the $95,500 support zone. As analyzed yesterday, BTC formed a base and was able to clear the $98,000 resistance zone. The bulls even pushed the price above $100,000.

The pair spiked above $103,500 and tested $104,200. A high is formed at $104,082 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $95,824 swing low to the $104,082 high.

Bitcoin price is trading above $100,500 and the 100 hourly Simple moving average. There is also a new connecting bullish trend line forming with support at $102,000 on the hourly chart of the BTC/USD pair (data feed via Kraken).

The pair could start another increase if it clears the $104,200 zone. On the upside, immediate resistance is near the $103,500 level. The first key resistance is near the $104,500 level.

The next key resistance could be $105,000. A close above the $105,000 resistance might send the price further higher. In the stated case, the price could rise and test the $106,500 resistance level. Any more gains might send the price toward the $108,000 level.

If Bitcoin fails to rise above the $103,500 resistance zone, it could start another downside correction. Immediate support on the downside is near the $102,200 level. The first major support is near the $100,000 level and the 50% Fib retracement level of the upward move from the $95,824 swing low to the $104,082 high.

The next support is now near the $98,800 zone. Any more losses might send the price toward the $97,500 support in the near term. The main support sits at $96,200.

Technical Indicators:

Hourly MACD - The MACD is now showing signs of increasing bullish momentum.

Hourly RSI (Relative Strength Index) - The RSI for BTC/USD is now above the 50 level.

Major Support Levels - $102,200, followed by $100,000.

Major Resistance Levels - $104,200 and $105,000.