Bitcoin prices soar past the $100,000 threshold, setting a new record at $106,400, reflecting a 5% increase.
Bitcoin's Milestone: $100,000
Following its breakthrough over the $100,000 mark, Bitcoin shows renewed upward momentum. Its trading value now exceeds $102,000, supported by the 100 hourly Simple Moving Average. A bullish trend line provides support at $103,400, which could trigger another upward phase if it stays above $102,500.
Trading Dynamics: Support and Resistance
Bitcoin has surpassed the $102,200 and $103,500 marks, later exceeding $104,000, setting a new high at $106,487. The price is currently retracting below the 23.6% Fibonacci retracement level but holds steady above $102,000, supported by the 100 hourly Simple Moving Average. Resistance is expected at $105,500, with a significant barrier at $106,500.
Technical Analysis and Outlook
A successful move past the $106,500 resistance level could see Bitcoin's price rise to $108,000. A future test of the $110,000 level is possible, with further gains aiming at $112,000. Failure to break through $105,500 might lead Bitcoin to decline, with support at $103,500 and significant defense at $102,000.
Current technical indicators such as MACD accelerating in the bullish zone and RSI above 50 hint at a positive price trajectory.
