Bitcoin Surges to $103,000: A Detailed Price Analysis by JinaCoin
Bitcoin reached $100,000 and surged to $103,000 on December 5, showing a bullish trend. It broke out of a monthly ascending channel, transforming resistance into support, and positioning moving averages favorably for further increases. Next target estimated at $105,600 following Fibonacci analysis. JinaCoin provides reliable cryptocurrency news and analysis in Japan.
On December 5, Bitcoin (BTC) experienced a significant price surge, reaching $100,000 around 11:00 AM before increasing further to approximately $103,000. The previous day’s trading session concluded with a 2.87% gain, characterized by a bullish candlestick. Notably, Bitcoin successfully broke free from the ascending channel at the monthly level, transitioning the former resistance line into a support level and creating a favorable market environment for potential price escalations.
The current positioning of the moving averages indicates a robust support system for Bitcoin, having closed the gap between the candlesticks and short-term moving averages. This development facilitates market momentum towards continued growth. Furthermore, Fibonacci retracement analysis suggests that the upcoming target price, following the recent milestone, is approximately $105,600.
JinaCoin is recognized as a prominent cryptocurrency media entity within Japan, operated by Jaybe Co., Ltd. This platform is dedicated to delivering accurate news, comprehensive analysis, and expert perspectives on the evolving blockchain technology and cryptocurrency landscapes. By keenly monitoring market trends and providing insightful information, JinaCoin plays a vital role in supporting informed investment decisions in the cryptocurrency sector.
In summary, Bitcoin’s recent price movement reflects a bullish trend, having successfully breached key resistance levels to establish supportive market conditions. With favorable moving average positions and Fibonacci projections suggesting a target of $105,600, the outlook for Bitcoin remains positive. JinaCoin continues to serve as a reliable source of cryptocurrency analysis within the Japanese market, aiding investors in making informed decisions.
Original Source: cryptobriefing.com
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