Bitcoin Price Rips Higher, $100K Narrative Gathers Pace

The next resistance could be $96,800. A close above the $96,800 resistance might send the price further higher. In the stated case, the price could rise and test the $98,000 resistance. Any more gains might send the price toward the $98,500 level. The next barrier for the bulls could be $99,000 and $100,000.

Another Drop In BTC?

If Bitcoin fails to rise above the $96,000 resistance zone, it could start another decline. Immediate support is near the $95,000 level. The first major support is near the $94,500 level.

The next support is now near the $93,200 zone or the 50% Fib retracement level of the recent wave from the $89,995 swing low to the $96,476 high. Any more losses might send the price toward the $92,500 support in the near term. The main support sits at $91,500, below which BTC might accelerate lower in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $95,000, followed by $94,500.

Major Resistance Levels – $96,000 and $96,800.

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