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Bitcoin (BTC) Price Analysis

The price of Bitcoin reached $100,000 today, December 5th, around 11:00 AM, and as of the time of writing, it has surged further to $103,000. Yesterday, December 4th, Wednesday’s trading session closed with a +2.87% increase compared to the previous day, forming a bullish candlestick.

During yesterday’s trading, Bitcoin successfully broke out of the parallel ascending channel at the monthly level. This breakout has turned the previous monthly resistance line into a support level, creating a stable market environment conducive to further price increases.

The positioning of the moving averages is also favorable. Until about two weeks ago, the candlesticks had a significant gap from the short-term moving averages, but the moving averages have since caught up, providing better support and making it easier for the market to aim for further upward momentum.

Using Fibonacci retracement analysis, the next immediate target price after reaching $100,000 is estimated to be around $105,600.

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