Bitcoin (BTC) is making strides toward the pivotal $100,000 mark against the US dollar, but persistent selling pressure has thwarted its progress. Current technical analyses indicate that for Bitcoin to advance, it must navigate through certain critical resistance levels in the near term.
Can Bitcoin Price Surpass $100,000?
Recently, Bitcoin has managed to maintain a position above the 76.4% Fibonacci retracement level, with its price fluctuating between $91,352 and $102,295. Nevertheless, it finds itself trading beneath both the 100 and 200 simple moving averages on the four-hour chart.
What Are the Key Resistance Levels Ahead?
To break through the $100,000 barrier, Bitcoin must first overcome significant resistance points located at $97,500, supported by the 100 simple moving average and a notable downtrend line at $97,250. If successful, Bitcoin could potentially soar to as high as $105,000.
Crucial support levels for Bitcoin include:
– First support at $95,500
– Stronger support around $94,000
– Potential pullback to $92,000 if it falls through $94,000
– Further declines could see prices retreat to approximately $91,200
In the broader market context, Ethereum (ETH) recently rose above $2,650, but faced selling pressure starting at $2,850 due to Bitcoin’s fluctuations, currently hovering near $2,700. Additionally, upcoming economic reports regarding housing starts and building permits could significantly influence Bitcoin’s market volatility.
