Bitcoin Stalls as ETH Climbs—What’s Coming Up?
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The price of Bitcoin has initiated a new surge, reaching the vicinity of the $105,000 mark. Currently, BTC is stabilizing its gains while Ethereum approaches the $2,750 resistance level.
- Bitcoin has embarked on a robust upward trend, establishing a position above the $102,500 resistance.
- The trading price remains over $103,000, surpassing the 100-hour Simple Moving Average.
- A newly formed bullish trend line provides support at $103,650 on the hourly BTC/USD chart.
- The pair may continue to rise if it successfully navigates past the $105,000 barrier.
Bitcoin Price Adjusts after Gains
Bitcoin’s recent increase began from the $100,500 support level. BTC established a support base and overcame the $102,000 resistance threshold, with buyers pushing the price above $103,200.
The price surged towards $105,000, peaking at $104,980 before experiencing a slight correction. It retraced below the 23.6% Fib retracement level from the upward movement starting at the $100,772 low to the $104,980 high.
At present, Bitcoin trades above $103,500, alongside the 100-hour Simple Moving Average. A new bullish trend line also shows support at $103,650 on the hourly BTC/USD chart.
On the resistance front, immediate pressure lies around the $104,500 level, with significant resistance positioned at $105,000. A breach above $105,500 could propel the price higher, potentially testing the $106,800 resistance level. Sustained upward movement may push the price to about $108,000.
Potential Further Declines for BTC?
Should Bitcoin struggle to overcome the $105,000 resistance area, it may initiate another downward adjustment. Immediate support appears at around the $103,500 level, while crucial support is identified near $102,850, coinciding with the 50% Fib retracement level from the recent upward trend.
A subsequent support level is located near $101,750. Additional declines may see the price approach the $100,200 support zone in the near future, with the primary support at $98,800.
Indicators suggest the following:
Hourly MACD – Currently, the MACD is losing momentum within the bullish range.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD remains above the 50 threshold.
Key Support Levels – $103,500, followed by $102,850.
Key Resistance Levels – $105,000 and $105,500.
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