$BTC Can Bitcoin break 100,000 in the short term!!!
Bitcoin suddenly surged to 98,600. Is there hope to sprint to 100,000 USD?
Bitcoin is currently facing some key resistance and support levels.
During the price increase, the area around 100,000 - 109,000 USD is an important resistance zone, and previous rebounds have faced significant selling pressure here.
To break through the 100,000 mark, a strong breakout above 98,800 USD is needed to challenge the psychological and technical resistance near six figures.
The support level below also cannot be ignored. The 0.236 Fibonacci retracement level (from a low of 42,997 USD to a high of 109,396 USD) is currently at 89,459 USD. As long as the price trend remains above this area, bulls can maintain structural control.
The 0.382 Fibonacci support level is at 77,126 USD, which is the next important support level in case of a pullback.
The MACD histogram remains negative but is gradually shortening, indicating that bullish strength is slowly increasing.
However, the current MACD indicator shows a cooling trend after the previous surge, with the histogram nearly flat, indicating that market participants are in a state of indecision.
The KDJ value shows it is in the oversold area, with a value of 11, but there are already signs of turning upwards. Once the KDJ indicator forms a golden cross, it will further confirm the short-term upward trend.
The 24-hour RSI is at 35, in the oversold state, while the 4-hour RSI has risen to 41, indicating that the oversold situation has eased over time, suggesting certain buying potential.
The Bollinger Bands are contracting, indicating that the market is in a squeeze state. The current price's approach to the upper band is somewhat favorable for a bullish breakout, but without the support of trading volume and a clear closing price break above 98,800 USD, the risk of a false breakout or continuation of range oscillation remains high.
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