$BTC

Bitcoin Soars Past $100K: What’s Driving the Surge? New Milestone of BTC!

Bitcoin (BTC) has smashed through the $100,000 barrier, a historic milestone that’s electrifying the crypto world. This breakthrough, recorded on December 5, 2024, signals robust bullish momentum, fueled by institutional inflows and pro-crypto sentiment. Let’s dive into the technicals to understand what’s next.

Technical Analysis

Price Action & Moving Averages: BTC’s rally aligns with a 4H Golden Cross, where the 50-period SMA crossed above the 200-period SMA, confirming bullish control. The price is trading above key EMAs (10, 20, 50, 100, 200), signaling sustained upward momentum. Support lies at $95,000, with resistance at $105,000.

RSI (Relative Strength Index): The 1D RSI sits at 65, indicating strength without overbought conditions (above 70). This suggests room for further gains before a potential pullback.

MACD: The MACD line remains above the signal line, with a positive histogram, reinforcing bullish trends. However, divergence could hint at a short-term correction.

Volume: Spot trading volume spiked to $46.26 billion on centralized exchanges, reflecting heightened retail and institutional interest. Shrinking exchange supply further supports bullish price action.

What’s Next?

Bitcoin’s breakout above $100K, backed by ETF inflows and optimism around pro-crypto policies, sets the stage for a push toward $120,000 in 2025. However, volatility looms—watch for a potential dip to $90,000 if profit-taking intensifies.