Bitcoin Breaks Barriers, Eyes $100,000 Milestone

The largest cryptocurrency has been trading above the support level of $85,000, but below the resistance level of $93,000. Today, bulls have breached the $93,000 resistance. According to price indicators, the cryptocurrency’s value is projected to reach the high of $100,000. In the uptrend on November 13, the candlestick body was near the 78.6% Fibonacci retracement line. This retracement predicts that Bitcoin will rise, but will reverse at the 1.272 Fibonacci extension or $100,210.

Bitcoin Indicators Show

The price of Bitcoin hovers above the support level of $85,000 (also known as the 21-day moving average). The moving averages remain upward, indicating an uptrend. On the 4-hour chart, the moving averages are flat, indicating a sideways trend. During the market consolidation, doji candlesticks are used to indicate price activity.

Technical Indicators:

Key Resistance Levels – $80,000 and $100,000

Key Support Levels – $70,000 and $50,000

What’s Next for BTC/USD?

On the 4-hour chart, Bitcoin’s price has started a sideways move after hitting resistance at $93,318. The doji candlestick is currently slowing down the price action. Despite breaking the current barrier, the cryptocurrency struggles to maintain positive momentum. Bitcoin’s ultimate goal is $100,000.

Bitcoin Price Long-Term Forecast: Bullish

Disclaimer: This price analysis article serves as reference only and should not be construed as financial or investment advice. Before making any financial decisions, please conduct your own research and consult professionals.

Sentiment: Positive