Bitcoin Price Surges Past $100K—Bull Market Officially Back?

Bitcoin's price has surged over 8% and is now trading above $100,500 and the 100 hourly Simple moving average. The price formed a base above $95,500 and cleared the $98,000 resistance zone, pushing above $100,000. A high was formed at $104,082, and the price is now consolidating gains above the 23.6% Fib retracement level. There is a new connecting bullish trend line forming with support at $102,000 on the hourly chart. Immediate resistance is near the $103,500 level, with the first key resistance at $104,500 and the next at $105,000. A close above $105,000 might send the price further higher, testing the $106,500 resistance level, and potentially reaching $108,000. If Bitcoin fails to rise above $103,500, it could start another downside correction, with immediate support near $102,200. The first major support is near $100,000, and the next support is near $98,800, with any more losses potentially sending the price toward $97,500 and the main support at $96,200. The hourly MACD is gaining pace in the bullish zone, and the hourly RSI is above the 50 level. Major support levels are at $102,200 and $100,000, while major resistance levels are at $104,200 and $105,000.