Bitcoin price dropped below a swing area and 38.2% fib retracement between $92,092 and $92,442, a break that also failed on December 31.
The failure to extend and stay below that level gave buyers a technical reason to buy. As a result, the price began to extend higher.
That move saw the price extend higher last week and into the weekend. The dips did find support buyers ahead of the rising 100-hour MA (blue line on the chart above), but held and pushed higher.
In trading today, the price high initially found early sellers against the $100K level (the high reached $99,857). After rotating to $98.683, the buyers came in, pushed above $100,000 and the momentum higher increased.
The high price today has reached $102,814. The next target area comes in at $103,647. Getting and staying above that area is needed to increase the bullish bias and have traders looking toward higher levels.
The peak in bitcoin reached $108.364 in 2024 - a new all-time high for the digital index. That will ultimately be the target on a break above $103.647 if the price can stay above that level. There is interim resistance at $105,600
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