Bitcoin Price Reclaims $100K: Is the Bull Run Back On?
- topcryptonews
- Dec 12, 2024
- 1 min read
Bitcoin price remained supported above the $95,500 zone. BTC is up over 5% and is now trading above the $100,00 resistance zone.
Bitcoin started a fresh increase above the $97,500 zone.
The price is trading above $98,800 and the 100 hourly Simple moving average.
There was a break above a key bearish trend line with resistance at $97,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct some gains before it attempts to surpass the $102,000 resistance zone.
Bitcoin Price Regains Strength
Bitcoin price formed a base and started a fresh increase above the $98,000 zone. There was a move above the $98,800 and $99,200 levels.
During the increase, there was a break above a key bearish trend line with resistance at $97,500 on the hourly chart of the BTC/USD pair. The pair even cleared the $100,000 level. A high was formed at $101,900 and the price is now consolidating gains.
It is slowly moving lower toward the 23.6% Fib retracement level of the recent wave from the $94,314 swing low to the $101,900 high. Bitcoin price is now trading above $100,000 and the 100 hourly Simple moving average.
On the upside, the price could face resistance near the $101,400 level. The first key resistance is near the $102,000 level. A clear move above the $102,000 resistance might send the price higher. The next key resistance could be $104,000. A close above the $104,000 resistance might send the price further higher. In the stated case, the price could rise and test the $105,000 resistance level. Any more gains might send the price toward the $108,000 level.
