Are Bitcoin Bulls Ready? BTC Steadying Close to All-Time Highs While Targeting New Peaks

Bitcoin’s value has begun to climb, reaching a new peak beyond the $111,500 level. It is currently stabilizing and may look to advance towards $113,200.

• Bitcoin initiated a new upward trajectory from around the $108,000 mark.
• The current trading price is above $108,000 and the 100-hour Simple Moving Average.
• A crucial bullish trend line is forming with support situated at $110,000 on the hourly chart for the BTC/USD pair.
• The pair could see further bullish momentum if the $112,000 resistance level is surpassed.

Bitcoin Price Achieves New High

The price of Bitcoin began a new ascent from the $105,000 support region. It established a foundation and successfully breached the $108,000 resistance area. The upward momentum pushed the price above $110,000.

Moreover, the price surged past the $111,500 resistance, reaching a new peak close to $111,980 and is now consolidating above the 23.6% Fibonacci retracement level from the low of $104,270 to the high of $111,980.

Currently, Bitcoin is trading above $109,000 and the 100 hourly Simple Moving Average, with a vital bullish trend line forming at the $110,000 support level.

On the upside, immediate resistance can be found around the $112,000 level. The first significant resistance is identified at $112,500. A further key resistance level could be seen at $113,200, and if prices close above this level, it might prompt further increases. In such a scenario, prices could rise to test the $115,000 resistance mark. Any additional gains could push the price toward the $118,000 level.

Is Support Present for Bitcoin Dips?

If Bitcoin does not manage to exceed the $112,000 resistance level, it may initiate a correction. The immediate support on the downward side is near $110,000 alongside the trend line. The first significant support level is at $108,200, coinciding with the 50% Fibonacci retracement level from $104,270 to $111,980.

Additional support can be expected around $107,200. If losses continue, the price could approach the $106,000 support in the near term. The primary support is situated at $105,000, below which Bitcoin could exhibit bearish momentum.

Technical Indicators:

Hourly MACD – The MACD is currently gaining momentum within the bullish territory.

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

Major Support Levels – $110,000, followed by $108,200.

Major Resistance Levels – $112,000 and $113,200.