Bitcoin Price Holds Steady Above $100,000: Will the Uptrend Resume? as reported by Bitcoinethereumnews.com

The cryptocurrency market has been witnessing a significant surge in Bitcoin’s price, with the flagship cryptocurrency reaching a high of $106,246. However, the recent downturn has raised concerns among investors, leaving many wondering if the upward trend will resume. In this article, we’ll delve into the current market scenario and explore the possibilities of a fresh increase in Bitcoin’s price.

A Brief Correction or a Reversal?

Bitcoin’s price started a short-term downside correction from the $106,250 zone, with the price trading below $103,500 and the 100 hourly Simple Moving Average (SMA). The break below a key bullish trend line with support at $104,650 on the hourly chart of the BTC/USD pair has sparked concerns among investors. However, the price has managed to consolidate above $100,000, which could be a sign of a potential fresh increase.

Key Resistance Levels to Watch

On the upside, immediate resistance is near the $102,000 level, followed by the first key resistance at $103,000 or the 50% Fib retracement level of the recent decline from the $106,246 swing high to the $99,538 low. A clear move above the $103,000 resistance might send the price higher, with the next key resistance at $104,650. A close above this level could potentially send the price further higher, testing the $106,250 resistance level.

Support Levels to Keep an Eye On

If Bitcoin fails to rise above the $103,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $100,500 level, followed by the first major support at $100,000. The next support is now near the $98,800 zone, and any more losses might send the price toward the $96,500 support in the near term.

Technical Indicators: A Mixed Bag

The Hourly MACD is losing pace in the bullish zone, while the Hourly RSI (Relative Strength Index) for BTC/USD is now below the 50 level. These technical indicators suggest a mixed bag, with some signs of a potential reversal.

What’s Next for Bitcoin?

While the recent downturn has raised concerns, the fact that Bitcoin’s price has managed to consolidate above $100,000 is a positive sign. If the price stays above this support zone, it could potentially start another increase. However, if the price fails to rise above the $103,000 resistance zone, it could lead to a downside correction.

In conclusion, the current market scenario suggests that Bitcoin’s price is holding steady above $100,000, with a potential fresh increase on the horizon. However, the cryptocurrency market is known for its volatility, and investors should be cautious of potential losses. As always, it’s essential to keep a close eye on key resistance and support levels, as well as technical indicators, to make informed investment decisions.

Source: Bitcoinethereumnews.com

#Blockchain #CryptoInvesting #CryptoMarket #EthereumNews

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