Bitcoin Surges 1.8% to $98,292, Eyes $100,000

Bitcoin's price has shown a significant upward trend, surpassing the $96,500 resistance zone. This surge has positioned the cryptocurrency to potentially reach the $100,000 mark, a level that has been a long-term target for many investors. The price is currently trading above $96,500 and the 100 hourly Simple Moving Average, indicating a strong bullish momentum.

The recent price action has seen Bitcoin break above a connecting bearish trend line with resistance at $97,200 on the hourly chart of the BTC/USD pair. This breakout has led to a spike above $98,000, testing the $98,300 level. The highest point reached so far is $98,292, and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $95,824 swing low to the $98,292 high.

Immediate resistance is near the $98,250 level, with the first key resistance at $98,500. If Bitcoin can clear the $98,800 resistance, it could potentially rise further to test the $99,500 resistance level. Any additional gains might push the price toward the $100,000 level, a psychological barrier that many investors are eagerly anticipating.

However, if Bitcoin fails to rise above the $98,250 resistance zone, it could start another downside correction. Immediate support on the downside is near the $97,700 level, with the first major support at $97,000 and the 50% Fib retracement level of the upward move from the $95,824 swing low to the $98,292 high. The next support is near the $96,400 zone, and any further losses might send the price toward the $95,500 support in the near term. The main support sits at $94,200.

Technical indicators suggest a bullish outlook. The MACD is now gaining pace in the bullish zone, and the RSI for BTC/USD is now above the 50 level, indicating strong buying pressure. Major support levels are at $97,000 and $96,400, while major resistance levels are at $98,250 and $98,800.

According to the analyst's forecast, the bullish momentum in Bitcoin's price could continue if it manages to clear the $98,800 resistance. This would pave the way for a potential test of the $100,000 level, a significant milestone for the cryptocurrency. However, investors should be cautious of potential downside corrections and monitor key support levels to manage risk effectively.