Bitcoin Price Approaches Record High — Will Momentum Carry It Through?

The price of Bitcoin has begun a new increase, surpassing the $105,500 level. Currently, BTC is stabilizing and may target another rise towards $108,000.

• Bitcoin initiated a fresh upward trajectory from the $102,500 mark.
• The price is currently above $103,500 and the 100 hourly Simple Moving Average.
• A significant bullish trend line is forming with support at $104,200 on the hourly BTC/USD chart (data from Kraken).
• The pair may gain bullish momentum should it break above the $106,000 resistance.

Bitcoin Price Continues to Rise

Bitcoin has started to rise from the support level of $102,500. A solid base was formed, allowing it to surpass the resistance level of $103,500. The bulls even managed to elevate the price beyond $104,200.

They pushed the price well past $105,000, reaching a peak of $107,042 before a correction began. The price dipped below the $105,500 threshold and fell below the 50% Fibonacci retracement level measured from the swing low of $103,346 to the high of $107,042.

Nonetheless, stability is maintained above $104,000. A key bullish trend line is forming with support at $104,200 on the hourly BTC/USD chart. Currently, Bitcoin is trading above $104,500 and exceeding the 100 hourly Simple Moving Average.

Looking at potential upward movement, immediate resistance is situated around the $105,500 mark. The next significant resistance is near $106,000, followed by $107,500. A close over $107,500 could drive the price up further, potentially reaching the $108,800 resistance. Should gains continue, the price might approach the $110,000 mark and set a new all-time high.

Potential Decline in BTC?

If Bitcoin fails to surpass the $105,500 resistance zone, it may initiate another downward correction. Immediate support can be found near $104,500. The first major support lies around the $104,200 level in line with the trend line.

Further support is found near the $103,500 region. Additional downturns may lead to prices testing the $102,200 support level shortly. The main support zone rests at $100,500, below which BTC might experience increased bearish pressures.

Technical indicators:

Hourly MACD – The MACD is currently losing momentum in the bullish territory.

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

Major Support Levels – $104,200, followed by $103,500.

Major Resistance Levels – $105,500 and $106,000.