Bitcoin Price Establishes Foundation — Solidifies Gains Before Possible All-Time High Surges

Bitcoin has initiated a new upward trend, surpassing the $106,500 region. BTC is currently in a consolidation phase and may target an increase towards $110,000.

• Bitcoin has embarked on a new upward trajectory from the $105,000 area.
• The price is currently above $106,000 and the 100-hour Simple Moving Average.
• A breakout occurred above a bearish trend line with resistance at $106,400 on the hourly chart of the BTC/USD pair.
• The pair could potentially gain bullish momentum if it surpasses the $107,200 resistance level.

Bitcoin Price Ascending Towards New Highs

The price of Bitcoin has experienced a fresh increase from the support level of $103,200. BTC established a base and successfully broke through the resistance at $105,000. The bulls drove the price above $105,500.

A breakout has also occurred above a bearish trend line with resistance at $106,400 on the hourly BTC/USD chart. The bulls managed to push the price above the $107,000 resistance zone, although it was unable to maintain these gains.

A peak was reached at $107,262 and the price is now consolidating near that trend line. There has been a slight retreat below the 23.6% Fib retracement level of the rise from the $104,269 swing low to the $107,262 peak.

Currently, Bitcoin trades above $106,000 following the 100-hour Simple Moving Average. The immediate resistance is around the $107,000 mark, with primary resistance near $107,200. A subsequent key resistance level appears to be $107,500. A close above $107,500 could propel the price further, possibly testing the $108,800 level. Continued bullish momentum might push the price towards $110,000, reaching a new all-time high.

Potential for a BTC Correction?

If Bitcoin is unable to breach the $107,000 resistance level, it may enter a corrective phase. Immediate support lies near $106,250, with significant support at around $105,400, which coincides with the 61.8% Fib retracement level from the $104,269 swing low to the $107,262 high.

Additional support appears to be at the $104,250 region. Further losses could lead the price down to near the $103,500 support zone in the short term. The main support threshold is at $102,500; if breached, Bitcoin may experience increased bearish momentum.

Technical indicators:

Hourly MACD – The MACD is showing decreasing momentum within the bullish territory.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD remains above the 50 mark.

Major Support Levels – $105,400, followed by $104,250.

Major Resistance Levels – $107,200 and $107,500.