FxNews—Bitcoin is in a robust bull market, trading above the 100-period simple moving average—the recent consolidation phase from the $100,000$ threshold eased near the 100-SMA at approximately $90,800.
On November 27, bulls pulled Bitcoin prices above the immediate resistance at $94,000, resuming the uptrend. As of this writing, BTC/USD is testing the 97,170 resistance.
From a technical perspective, digital gold will likely test the 100,000 physiological level if bulls can maintain the cryptocurrency‘s value above the 100-SMA. Furthermore, if the buying pressure exceeds 100K, the bulls’ path to $102,000 could be paved.
- Good read: Litecoin Shows Bullish Trend Targeting $110
On the other hand, the bullish outlook should be invalidated if Bitcoin falls below $90,800. If this scenario unfolds, the correction phase could extend to the 23.6% Fibonacci retracement level at $88,011.