The three major indices of the US stock market have recently experienced a rebound from their lows, and Bitcoin is no exception. Starting from the recent bottom of $75,000, Bitcoin has risen more than 25%, and its current price performance is strong.
Next, can Bitcoin break through the $100,000 mark? From a technical analysis perspective, this goal is not out of reach.
From a daily chart perspective, Bitcoin's performance in the past 7 days has clearly favored the bulls over the bears, with the bears' pressure being extremely limited. On the 4-hour chart, except for the low trading volume over the weekend, the bulls' performance still exceeds that of the bears.
Currently, Bitcoin is less than 6% away from $100,000, and the continuous inflow of ETFs last week also proved the market's confidence and the re-entry of funds.
This week, macro data is dense, including employment data and US real GDP to be released at 8:30 AM on Wednesday, as well as the PCE data to be released at 10 PM. These data will not only be monitored by the Federal Reserve but will also directly affect market sentiment and Bitcoin's price movement.
If the data performs strongly, Bitcoin is expected to break through $100,000; conversely, it may retreat to the 0.5 Fibonacci level, around $87,000.
From the current volume performance, the likelihood of Bitcoin continuing to rise is high, and $100,000 will become a new resistance level.
If the price approaches $100,000, and the bullish volume declines while the bearish volume begins to increase, one may consider opening a short position in the range of $100,000 to $100,500. If Bitcoin retreats from $100,000, it may reach the 0.618 Fibonacci level, around $92,000. This level is also the area of recent sideways stagnation and may become a new support level.
If Bitcoin fails to break through the current resistance level, it may retreat to the 0.5 Fibonacci level, around $88,000, which is also the position where Bitcoin has oscillated and broken through, potentially forming support.
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