Bitcoin Prices Show Signs of Rising — Is a New Uptrend Beginning?
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The Bitcoin price has initiated a new upward trend, surpassing the $103,500 threshold. Currently, BTC is stabilizing and may aim to overcome the $105,000 mark.
- Bitcoin commenced a new ascend from the $101,500 support area.
- The price is currently above $103,000 and the 100 hourly Simple moving average.
- A breakout occurred above a bearish trend line resistance at $103,950 on the BTC/USD hourly chart.
- Further bullish momentum might occur if the price clears the $105,000 resistance.
Bitcoin Price Targets Higher Levels
The Bitcoin price has embarked on an upward journey from the $101,500 support. A base was established, allowing it to breach the $102,500 resistance level. The buyers even drove the price past $103,200.
Additionally, the price moved beyond the 50% Fib retracement level of the preceding decline from the $104,980 high to the $101,441 low. A breakout also took place above a bearish trend line resistance at $103,950 on the BTC/USD hourly chart.
Bitcoin is trading above $103,200, along with the 100-hourly Simple moving average. Immediate resistance lies around the $104,150 mark, which corresponds to the 76.4% Fib retracement level from the earlier drop.
The initial significant resistance is near the $105,000 mark, with the next potential resistance at $105,500. A closure above $105,500 could propel the price even higher, potentially testing the $106,500 level. Continued gains may carry the price towards $108,000.
Possible Price Correction for BTC?
If Bitcoin cannot surpass the $104,200 resistance zone, a short-term correction may occur. The immediate downside support is around the $103,200 level, coinciding with the 100 hourly Simple moving average. The primary major support is near the $102,500 level.
The subsequent support is now near the $101,500 area. Additional losses could lead the price towards the $100,000 support in the near future. The main support threshold is at $98,800, below which BTC may experience increased bearish pressure.
Technical indicators:
Hourly MACD – The MACD is showing increasing momentum within the bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently positioned above the 50 mark.
Key Support Levels – $102,500, followed by $101,500.
Key Resistance Levels – $104,200 and $105,000.
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