Bitcoin ($BTC) is moving toward a massive price breakout as the latest market statistics indicate. Based on the new insights, Bitcoin is now trading above $95K, signifying a robust buying pressure while moving toward a breakout above the $100K mark. At the moment, $97,500 appears to be the imminent resistance zone to be tested.
$BTC Hits ,405, Aimed for 0K
Bitcoin ($BTC) witnessed a sharp rally after a strong base formed above $93,500, rising above the resistance level of $95,500. Subsequently, the positive momentum witnessed more strength, further raising the price to the local high level of $97,405.
Currently, Bitcoin ($BTC) is reportedly consolidating gains just below the respective level. Additionally, the top crypto asset has maintained a notable position above its 100-hour simple moving average, a crucial technical indicator showing bullishness. The new market outlook of Bitcoin ($BTC) is marked by the formation of considerable support at $96,350. In line with this setup, purchasers have firm control over the market.
If $BTC effectively closes above the resistance level of $97,500, it could soon reach $98,800. This price movement could clear the path for the psychological level of $100K. Based on this, the analysts are optimistic about the wider bullish alignment of Bitcoin for further price action as multiple indicators show.
Technical Indicators Support Bullish Outlook for Continued Price Action
A key technical indicator in this respect is the hourly Moving Average Convergence Divergence (MACD), which is getting bullish pace. Additionally, the Relative Strength Index (RSI) is also above the neutral mark of 50, suggesting a rising buying interest.
Overall, the present price action of Bitcoin reinforces the potential of a continued price upsurge. In the meantime, the market onlookers are watching the $97,500 resistance level to determine Bitcoin’s likely surge to the psychological $100,000 mark.
