Bitcoin is showing signs of strength again after taking a little break last week. The bulls are back in actions as they now eye a long-anticipated historical level, where a major retracement is likely to take place.

Losing momentum last Friday, Bitcoin fell slightly under the $96k level after facing a rejection. Taking advantage of the slight break in buying, many undervalued altcoins exploded hugely to a new multi-month high as volatility flows into the mid-cap sector.

However, it recovered yesterday and the price is now jerking up. From the look of things, BTC will likely claim the historical $100k level soon.

Looking at this month’s rally, the primary cryptocurrency looks due for a retracement from a technical perspective, although market speculations and sentiments are still bullish as the impulsive move could advance.

As per CMC metrics, Bitcoin’s fear and greed index now stands at 87 – indicating an extreme greed. A retracement could be around the corner. Another thing to pay attention to is the daily volume indicator, which has been declining since the price touched $90k two weeks ago.

Should Bitcoin initiate a drop, the price could retrace broadly into the $80k range before locating support. Currently, the bulls are not given up.

The only obstacle for the bulls right now is the $99,588 high, tapped last week. If they reclaim it, their next target would be $100k. A break above this historical level could send the price to $103,000 or even higher.

In cases of a retracement, the closest level for support lies at $96,500 – yesterday’s low. There’s a minor support at $93,500 before testing the $88,880 level. The $85,072 level is another key support to keep in mind.

Key Resistance Levels: $99,588, $100,000, $103,000

Key Support Levels: $96,500, $88,800, $85,072

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: sinenkiy/123RF // Image Effects by Colorcinch

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