Bitcoin's price is experiencing a consistent rise, approaching the significant $100,000 mark. The cryptocurrency is presently trading above the $95,000 threshold, supported by a bullish trend line forming at $95,200 on the hourly chart.
Bitcoin's price, having surpassed the $95,000 zone, tested a new high at $98,999. Despite a brief pullback, it sustained stability above the 23.6% Fib retracement level of its upward trajectory.
Bullish scenarios suggest resistance levels are positioned at $99,000 and crucially at $100,000. The MACD indicator reflects growing momentum on the upside, as does the RSI, which stands above 50.
Potential for a downside correction exists if Bitcoin struggles to breach the $100,000 resistance zone, with critical supports at $98,000 and $96,800, and the possibility of decline towards $92,000.
The movement above $100,000 could ignite further gains, targeting resistances at $102,000 and potentially $104,500.
