Bitcoin back above $100,000. What next technically speaking?

The price of Bitcoin fell below a swing area and 38.2% retracement between $92,092 and $92,442 and did the same thing on December 31. Both breaks failed.

The inability to extend and stay below that level gave buyers a reason to buy technically. The price started to extend higher.

That move saw the price move higher last week and into the weekend. The dips did find support buyers ahead of the rising 100-hour MA (blue line on the chart above), but held and pushed higher. .

In trading today, the price high initially found early sellers against the $100K level (the high reached $99,857). After rotating to $98.683, the buyers came in, pushed above $100,000 and the momentum higher increased.

The high price today has reached $102,814. The next target area comes in at $103,647. Gettting and staying above that area is needed to increase the bullish bias and have traders looking toward higher levels.

The peak in bitcoin reached $108.364 in 2024 – a new all-time high for the digital index. That will ultmately be the target on a break above $103.647 if the price can stay above that level. There is interim resistance at $105,600

This article was written by Greg Michalowski at www.forexlive.com.