Bitcoin Price Starts Fresh Surge, Ralli above $92,000 and Traded to a New All-Time High at $96,747

Bitcoin price saw a consolidation phase above the $85000 support zone. BTC remained in a positive zone and the bulls protected downsides.

Bitcoin price gained strong bullish momentum above the key $85,000 zone. BTC remained in a positive zone and the bulls protected the downsides. A base was formed, and the price started a fresh increase above the $90,000 level.

There was a steady increase above the $92,000 level and the price settled well above the 1.236 Fib extension level of the downward move from the $68,958 swing high to the $15,822 low.

The weekly chart of BTC suggests the bulls are in full control and the price is well above the 50-week simple moving average (blue). It already posted a new all-time high at $96,747 and might continue to rise.

Immediate resistance is visible near the $100,000 milestone level. The first major resistance is near the $102,000 level. It is close to the 1.618 Fib extension level of the downward move from the $68,958 swing high to the $15,822 low.

A clear move above the $102,000 level could set the pace for a test of the $108,000 level. If the bulls succeed in clearing the $108,000 resistance, it could be a strong bullish signal. The next key resistance could be near the $112,500 level. Any more gains might send Bitcoin toward the $120,000 level.

Downside Correction In BTC?

If there is a downside correction, the price might find support near the $92,000 level. The first major support is near $86,500, and the next major support is near the $82,000 level.

On the weekly chart, a parabolic curve is also forming with support at $82,000. A weekly close below this level could start a larger downside correction. In this case, BTC could drop toward the $70,000 pivot level.

Overall, Bitcoin is gaining pace above the $95,000 level. If the bulls remain in action, BTC could easily drift toward the $102,000 level or even $108,000 in the coming sessions.