The world’s largest cryptocurrency Bitcoin It showed another spectacular rally and crossed the $100,000 level for the third time. This is an important milestone, which shows the dominance and increasing demand of Bitcoin in the crypto market. At the time of writing, Bitcoin was trading at $100,919.70, which is approximately ₹8,565,408 in Indian Rupees. The price of BTC has seen an increase of 3.02% in the last 24 hours and with this the market cap of Bitcoin has reached $1.99 trillion, which may cross the $2 trillion level very soon.
Bitcoin bullish, is its new support level at $100K?
This is the third time for Bitcoin that it has crossed the $100K mark. What is most interesting is that Bitcoin crossed the $100,000 level three times in the last 10 days. This rally started on December 5, 2024 when Bitcoin made its all-time high of $103,900.47. Due to this high price, a new rally was seen in the crypto market and Bitcoin as well as all other cryptocurrencies started rising.
The rising price of Bitcoin has increased the enthusiasm among investors and traders and now the question is arising whether Bitcoin will be able to stabilize this new $100K level or it will go towards decline. Crypto market experts believe that Bitcoin has made $100K its new support level. If BTC falls below this level, it could go to $95,000, where there is a strong support. However, if BTC holds this new support level, it could overcome the new resistance at $101,000, which could lead to further gains in the Bitcoin price.
Bitcoin’s current support and resistance levels
Some important points for Bitcoin are as follows:
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New support level $100K, cryptocurrency Experts believe that Bitcoin has made $100,000 a stable support.
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Potential downside level of $95,000: If Bitcoin falls below $100K, there is a strong support at the $95,000 level.
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New resistance $101,000: After $100K, the new resistance is $101,000 and if BTC crosses it, then Bitcoin could see a big rally.
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All time high expected: Investors are now hoping that Bitcoin will soon surpass its all-time high of $103,900.47 and set a new record.
Conclusion
The rising price of Bitcoin has once again proved that the cryptocurrency market has stability and growth potential. By crossing $100,000, Bitcoin has not only brought happiness to its investors, but it also seems to be giving a new direction for the crypto market. Now it will be interesting to see whether Bitcoin holds this new support level or not, and whether it will set a new milestone by breaking its all-time high. It is an exciting time for investors and they are hoping that Bitcoin’s rally will continue.
