Bitcoin Smashes Through $100K—Are the Diamond Hands Finally Getting Paid?

BTC just ripped past its psychological six-figure barrier, leaving skeptics scrambling and crypto bros popping champagne. Again.

The rally defies three Fed rate hikes this year—because apparently, Bitcoin now thrives on institutional pain. BlackRock’s ETF inflows hit $2B daily this week, while gold bugs quietly sob into their safety-deposit boxes.

Technical indicators scream ’overbought.’ Fundamentals whisper ’greater fool theory.’ But try telling that to the leveraged degens flipping NFTs of this price chart as we speak.

Wall Street analysts: ’This time it’s different.’ *Checks notes* Ah yes—just like 2021, 2017, and that time Mt. Gox was ’totally solvent.’

Bitcoin Price Surges Over 8%

Bitcoin price started a fresh increase from the $95,500 support zone. BTC formed a base and was able to clear the $98,000 resistance zone. The bulls even pushed the price above $100,000.

The pair spiked above $103,500 and tested $104,200. A high is formed at $104,082 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $95,824 swing low to the $104,082 high.

Bitcoin is now trading above $100,500 and the 100 hourly Simple moving average. There is also a new connecting bullish trend line forming with support at $102,000 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is NEAR the $103,500 level. The first key resistance is near the $104,500 level. The next key resistance could be $105,000. A close above the $105,000 resistance might send the price further higher. In the stated case, the price could rise and test the $106,500 resistance level. Any more gains might send the price toward the $108,000 level.

Are Dips Supported In BTC?

If Bitcoin fails to rise above the $103,500 resistance zone, it could start another downside correction. Immediate support on the downside is near the $102,200 level. The first major support is near the $100,000 level and the 50% Fib retracement level of the upward move from the $95,824 swing low to the $104,082 high.

The next support is now near the $98,800 zone. Any more losses might send the price toward the $97,500 support in the near term. The main support sits at $96,200.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $102,200, followed by $100,000.

Major Resistance Levels – $104,200 and $105,000.