Bitcoin $100K. Digital currency reaches the next key milestone.

December 05, 2024 at 02:37AM
Bitcoin has reached – and breached – the $100K level for the first time. The prior high reached on November 22 reached $99,800 and backed off. That level will now be close support. Traders will want to see the price momentum to move away from that level and the $100K level too.

The high price reached $100.293.—- now $101,394. So far so good.

Technically, looking at the daily chart, the low from Tuesday was a nice hold against the old swing high going back to November 13. That proved to be a base for the next rise.

Today Powell did not say anything bad about it when asked saying:

“People use Bitcoin as a speculative asset. It’s like gold—it’s just virtual and digital”. He added: “It’s not a competitor for the dollar. It’s really a competitor for gold.”

The price moved above the $90,000 level for the first time back on November 12 or 23 days ago. The move from $80K to $90K took 2 days.

HODL traders.

This article was written by Greg Michalowski at www.forexlive.com.