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Bitcoin (BTC) 
$82,577 has made several attempts to exceed the critical $100,000 threshold against the US dollar. However, selling pressure has hindered its rise and prevented the price from breaking this barrier. Technical indicators suggest that certain resistance levels must be overcome in the short term.
Can Bitcoin Price Surpass $100,000?
The price of Bitcoin managed to stay above the 76.4% Fibonacci retracement level of the price movement ranging from $91,352 to $102,295. However, it is currently trading below the 100 simple moving average (red) and the 200 simple moving average (green) on the four-hour chart.
In upward movements, the $97,500 level and the 100 simple moving average act as strong resistance. Additionally, a significant downtrend line is present at the $97,250 mark.
For Bitcoin to rise above the $100,000 level, it must overcome these barriers. If these hurdles are cleared and upward momentum is successful, the price is projected to reach up to $105,000.
Important Support Levels for Bitcoin Price
The first support level for Bitcoin is located at $95,500. A stronger support level is around $94,000. If the price falls below this level, a pullback to the $92,000 support may occur. In the event of further losses, the price could retreat to around $91,200.
Meanwhile, the largest altcoin, Ethereum (ETH) 
$1,816, has recently surpassed $2,650 during a recovery move. However, it faced significant selling pressure starting at $2,850 due to the drop in Bitcoin and is currently trading around $2,700.
Moreover, today’s economic data could impact Bitcoin and the broader cryptocurrency market. The US will release housing starts and building permits for January 2025, with expectations of 1.40 million and 1.46 million, respectively. These figures could provide insights into the current state of the US economy and increase volatility in Bitcoin’s price.
