Bitcoin Approaches Critical Resistance: Will $100K Be Hit Soon?
- Bitcoin showed minimal price fluctuations over the weekend, with the market digesting important trade and earnings updates.
- With Bitcoin trading at $96,251.58, its RSI of 67.87 indicates its nearing overbought territory, but further growth remains possible.
- A breakout could occur if BTC closes above $96,028, pushing it toward new highs as it surpasses the 0.786 Fibonacci level.
Daan Crypto Trades noted that Bitcoin exhibited minor price stability during the weekend with minimal volatility levels. He noted that most of the critical news has already been disclosed, consisting of trade war developments and corporate earnings information.
Stocks in the U.S. market achieved an exceptional 9-day winning period that marked its longest run in more than twenty years, suggesting the market is settling. BTC prices will likely face conservative movements during this period, although upcoming market events will decide whether buyers can drive prices near $100,000.
Source: X
According to CoinMarketCap data, BTC maintains a trading value of $96,251.58 on May 3 while showing a 0.34% price decline throughout the previous 24 hours. The Relative Strength Index (RSI) of BTC currently stands at 67.87, which shows it is approaching overbought levels but can still continue gaining momentum.
MACD Bullish Signals and Selling Pressure
The Moving Average Convergence Divergence (MACD) indicator shows bullish signals where the MACD line stands at 3,153.82 above the signal line that reaches only up to 2,688.95. The tightening gap between BTC moving averages signifies growing selling intensity, which might restrain BTC price increases throughout the near future.
Source: TradingView
The price of Bitcoin has crossed above the 0.786 Fibonacci retracement mark at 79,238.75 to move towards reaching the swing high point at 96,028.45. Daily price closures above this resistance value would unlock an upward breakout, which might propel BTC to achieve even higher value than its current all-time opening prices.
Bitcoins Breakout Potential
The Fibonacci 0.236 level positioned at $90,987.26 acts as a vital support point that buyers could use to stabilize Bitcoin in case of market retracement. Additional support zones that BTC could reach are located at $87,868.57 and $85,347.98 if the price falls beneath $90,987.26.
BTC price climbed by 2% in the previous week because investors anticipate pro-crypto administration policies from Trump, and spot Bitcoin ETFs gained momentum. BTC remains unable to surpass the critical $100,000 threshold even though analysts previously anticipated it would cross this mark soon.
An upcoming successful breakout requires ongoing strong market purchases during the upcoming days. BTC needs sustained buying pressure to overcome its existing resistance level in order to advance its positive price direction.
Read More: Ethereums Path to $4,000: Can It Overcome Critical Barriers?
Read more: https://www.tronweekly.com/bitcoin-approaches-critical-resistance-will/
Text source: TronWeekly
