Bitcoin Surges to Record Highs — Bulls Gain Momentum
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The value of Bitcoin has initiated a new surge, surpassing $109,000, and is currently stabilizing with potential to rise towards $112,000.
- A notable upward shift began from the $106,000 mark.
- Trading is now above $107,000 alongside the 100 hourly Simple Moving Average.
- A significant bullish trend line is emerging, providing support at $107,800 on the hourly chart for the BTC/USD pair.
- Further bullish momentum may occur if it exceeds the $110,850 resistance level.
Bitcoin Price Achieves New All-Time High
Bitcoin began to rally from the $104,200 support level. After establishing a foundation, it successfully broke through the $106,000 resistance. The bulls propelled the price beyond $107,500.
They even managed to push the price past the $109,000 level, reaching a remarkable all-time high around $110,698 and currently consolidating gains above the 23.6% Fibonacci retracement level of the advance from the $104,270 low to the $110,698 peak.
Bitcoin is trading above $108,000 and also the 100 hourly Simple Moving Average. A key bullish trend line is forming, providing support at $107,800 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is located around the $110,850 mark. The first significant resistance lies near $112,000. A further critical resistance may be at $112,500. A close above this level could trigger a price surge towards the $113,800 resistance. Additional gains could propel the price towards the $115,000 region.
Are Dips in Bitcoin Limited?
If Bitcoin struggles to break through the $112,000 resistance, it may enter a corrective phase. Near-term support can be found around the $109,000 level. The primary major support is at roughly $107,500, coinciding with the trend line and the 50% Fibonacci retracement level from the climb between $104,270 and $110,698.
Subsequent support is around the $106,500 level. Further declines could drive the price toward the $105,000 support shortly. The critical support threshold stands at $104,200, below which Bitcoin might see increased bearish pressure.
Technical indicators:
Hourly MACD – The MACD is currently showing increasing momentum in the bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 mark now.
Major support levels include $109,000, then $107,500.
Key resistance levels are at $110,850 and $112,000.
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