Bitcoin price has surged past the $100,000 mark, signaling a robust recovery. Bitcoin is displaying positive momentum and may continue its upward climb if it surpasses the $102,500 resistance zone.
After overcoming resistance at $96,500, $97,200, and $98,800, Bitcoin reached a high of $102,479. It's currently consolidating above the 23.6% Fib retracement level, with a new bullish trend line forming at $99,800. The short-term outlook suggests that breaching the $103,200 and $104,500 resistances could propel the price even higher.
However, if Bitcoin fails to break above the $102,500 resistance, a downturn could occur, with support at $101,250 and $98,550. Further losses might lead to a $96,500 support test.
Technical indicators such as the hourly MACD and RSI show Bitcoin is in a bullish zone, supporting the overall positive sentiment.
