Bitcoin Reaches $99,562, Breaks a Key Resistance Level, and Is Heading Straight Towards $100,000!

However, what surprise awaits BTC? An increase to $120,000 or an imminent correction to $92,000? Let's explore the trends and technical outlook together.

Bitcoin price reached $99,562, breaking through a key resistance level and continuing its trajectory towards the highly anticipated $100,000 mark. However, as BTC price edges closer to this milestone, investors are left wondering: will Bitcoin continue to soar towards $120,000 or is an imminent correction on the horizon?

Together, let’s analyze the latest price action, trends and technical outlook to uncover the possibilities.

Bitcoin Price at a Crucial Resistance Level

The resistance at $98,309 proved pivotal in Bitcoin’s current trajectory. On the hourly chart, BTC price was attempting to break above this level after bouncing from $97,277, forming bullish candles that indicated positive momentum.

Moreover, Bitcoin price was displaying a consistent pattern of higher lows, which reinforced a bullish sentiment in the shorter time frame. A significant resistance at $98,951 was preventing attempts to break above, and sustained movement above this level would propel the price towards $100,000.

However, the reduced trading volume and technical indicators showed a largely neutral position. Indeed, the relative strength index (RSI) was at 55, the stochastic oscillator at 81 and the commodity channel index (CCI) at 34. Similarly, the average directional index (ADX), at 20, suggested no prevailing trend direction for Bitcoin.

On the path to $120,000 or Imminent Correction?

Ultimately, by reaching the $99,562 mark, Bitcoin price has broken through these resistance levels and is heading towards $100,000, with an ambitious goal of reaching $120,000 by January 2025. Investors are closely monitoring this climb, wondering if a new bullish phase is underway or if a correction is in the works.

At $99,562, neutral indicators and various indices could resurface, prompting Bitcoin towards a correction. The RSI at 55 and ADX at 20 indicate possible consolidation. Furthermore, if trading volumes remain low, a correction towards the previous support levels, between $95,000 and $92,000, could occur.

In summary, Bitcoin price is not out of the woods yet. Although it has broken the resistance of $98,951, and its current trajectory is towards $100,000, neutral indicators and low trading volumes could hasten a correction towards $95,000 to $92,000. Therefore, investors should remain extremely cautious during this period.