Bitcoin Prices Hold Steady—Is a Surge Imminent Within the Current Range?
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Bitcoin has initiated a new rise beyond the $108,000 mark. BTC is currently solidifying its gains and may target a surpass of $110,750.
- Bitcoin commenced a new upward trajectory above the $108,000 level.
- The value is maintaining above $108,000 and the 100-hour simple moving average.
- A bullish trend line is forming with support at $108,800 on the hourly BTC/USD chart.
- The pair might experience bullish momentum if it breaks through the $110,750 resistance.
Bitcoin Price Gains Stabilize
Bitcoin found support around the $107,400 area and recently began a positive correction, moving above the $108,000 and $108,500 resistance points.
The price briefly surpassed the $110,000 resistance zone. However, sellers became active near the $110,750 level, leading to a downward adjustment, pushing the price below $110,000. The price also fell beneath the 50% Fibonacci retracement level from the $107,600 low to the $110,742 high.
Bitcoin remains above $108,000 and the 100-hour simple moving average, with a bullish support trend line forming at $108,800 on the hourly chart.
On the upside, there is immediate resistance around the $110,000 mark, with the first significant resistance at $110,750. The next critical resistance could be at $111,800. A closure above this level could lead to a further rise, potentially testing the $113,000 mark. Additional advancements might drive the price toward $115,000.
Possibility of a BTC Decline?
Should Bitcoin not surpass the $110,750 resistance area, it may initiate another downward trend. Immediate support is found at around $108,500. The first significant support lies at $108,350 and aligns with the 76.4% Fibonacci level of the previous surge from $107,600 to $110,742.
The next support level is approximately at $107,850. Any further declines could push the price down to the $106,500 support in the near term. The primary support rests at $105,000, below which bearish momentum might accelerate.
Technical indicators indicate:
Hourly MACD – The MACD is currently weakening in the bullish territory.
Hourly RSI – The RSI for BTC/USD is presently below the 50 mark.
Key Support Levels – $108,500, followed by $107,500.
Key Resistance Levels – $110,000 and $110,750.
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