Bitcoin Price Climbs Back to $100K: Is This Just the Beginning? 📈

Bitcoin price has initiated a fresh upward movement, surging past the previous $98,000 mark, and currently trades above $99,500 with the support of the 100 hourly Simple Moving Average. A breakthrough above a major bearish trend line at $96,000 on the BTC/USD hourly chart signals potential for further gains.

After forming a low at $90,944, Bitcoin has shown signs of recovery, recapturing significant loss territory. It cleared the 50% Fibonacci retracement level of its previous decline from the $106,000 high, facing immediate resistance at $102,000, followed by potential resistance levels at $102,500 and $103,200.

However, if Bitcoin fails to maintain its position above the $103,200 resistance, a fresh decline may surface, targeting support around the $100,500 and $98,000 levels. Nevertheless, a robust resurgence above $103,200 could see Bitcoin eyeing larger gains towards the $105,000 and $107,000 benchmarks.