Charts Indicate Move Towards New All-Time Highs
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Bitcoin has initiated a new surge, surpassing the $106,000 mark. BTC appears poised for further gains, potentially targeting $110,000.
- Bitcoin has begun an upward trajectory from the $102,000 area.
- The price currently exceeds $105,500 along with the 100 hourly Simple moving average.
- A short-term bullish trend line with support at $105,800 is forming on the hourly chart for the BTC/USD pair.
- The pair may gain momentum if it breaks through the $107,000 resistance level.
Bitcoin Price Initiates New Surge
Bitcoin’s price has started to rise again from the $102,000 support. After establishing a base, it successfully surpassed the $104,200 resistance point. The bullish movement pushed the price beyond $105,000.
A notable advancement occurred above the 50% Fibonacci retracement level of the decline from the $107,042 peak to the $102,100 bottom. This progression allowed for a rally past the $106,000 resistance level.
The current price behavior is encouraging, having settled above the 76.4% Fibonacci retracement of the downward shift from the $107,042 peak to the $102,100 low. A short-term bullish trend line is also forming with support at $105,800 on the hourly chart of the BTC/USD pair.
Bitcoin is trading above $105,500 and the 100 hourly simple moving average. Immediate resistance lies around the $107,000 level, with the first significant resistance at $107,200. Following that, $107,500 could be the next key barrier. A move above the $107,500 line might propel the price higher, possibly testing the $108,800 resistance level. An ongoing ascent might lead the price to challenge the $110,000 level, marking a new all-time record.
Is Another Drop Possible for BTC?
If Bitcoin does not surpass the $107,000 resistance, it may enter another corrective phase. Immediate support is situated near the $105,800 mark, while the first major support stands at approximately $105,000.
Following that, another support level is close to the $104,200 zone, and further declines could drive the price towards the $103,500 support in the short term. The primary support lies at $102,500, below which BTC could experience increased bearish momentum.
Technical indicators:
Hourly MACD – The MACD is currently gaining momentum in the bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now positioned above the 50 mark.
Key Support Levels – $104,200, followed by $103,500.
Key Resistance Levels – $107,000 and $107,500.
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