Is a Major Bitcoin Price Surge on the Horizon?

The price of Bitcoin has begun a new upward trend, moving past the $102,000 mark. BTC is climbing and may set its sights on reaching the $107,500 resistance level.

• Bitcoin has initiated a significant increase surpassing the $100,500 resistance area.
• The price is currently above $102,500 and above the 100-hour Simple Moving Average.
• A new bullish trend line is forming, providing support at $103,500 on the hourly chart for the BTC/USD pair.
• The pair may continue to increase if it clears the $105,000 level.

Bitcoin Price Targets Further Increases

Following a fresh rally from the $96,500 support level, Bitcoin established a solid base and broke through the $98,800 resistance. The bulls succeeded in pushing the price above $102,000.

The price surged above $104,500, approaching $105,000. A peak was reached at $104,943, and the price is currently consolidating just above the 23.6% Fibonacci retracement level of the upward movement from the swing low of $95,825 to the high of $104,943.

Bitcoin is trading above $103,500 as well as the 100-hour Simple Moving Average. Additionally, a new bullish trend line is forming with support at $103,500 in the hourly BTC/USD chart.

On the upside, immediate resistance can be found around the $104,500 mark. The first significant resistance level is near $105,000, followed by a potential $105,500. A close above $105,500 could result in further price increases, potentially leading to a test of the $106,200 resistance level. Additional gains may propel the price toward $108,000.

Are Dips Being Supported in BTC?

Should Bitcoin struggle to break above the $104,500 resistance zone, a downside correction could commence. Immediate support can be found near the $103,500 level along with the trend line. The first major support level is around $102,800.

Subsequent support levels emerge near the $100,500 zone, which also coincides with the 50% Fibonacci retracement of the rise from the swing low of $95,825 to the high of $104,943. Further losses might drive the price down to the $98,800 support level. The primary support rests at $97,500.

Technical indicators:

Hourly MACD – The MACD appears to be gaining momentum within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above 50.

Major Support Levels – $103,500, followed by $102,800.

Major Resistance Levels – $104,500 and $105,000.