Bitcoin’s Price Encounters Major Challenges — Will Bulls Prevail?
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Bitcoin has begun a new upward trend, surpassing the $108,000 mark. It is currently stabilizing and could see further increases if it breaks through the $110,750 threshold.
- Bitcoin has initiated a fresh upward trajectory beyond the $107,500 level.
- The current price is above $108,500, as well as the 100-hour Simple Moving Average.
- A connecting bullish trend line is forming with support at $109,200 on the hourly BTC/USD chart.
- The pair may gain bullish momentum following a breakthrough of the $110,750 resistance.
Bitcoin Price Stabilizes Gains
The Bitcoin price found support around the $106,650 area and has recently started to correct upwards. BTC has moved past the resistance levels of $107,500 and $108,000.
It exceeded the 50% Fibonacci retracement level of the recent decline from the swing high of $111,982 to the low of $106,672. The price even briefly topped the $110,000 resistance level, though selling pressure emerged near $110,200.
It was unable to hold above the 61.8% Fibonacci retracement level from the aforementioned decline. Bitcoin is currently trading above $108,500 and the 100-hour Simple Moving Average. A bullish trend line is forming with support at $109,200 on the hourly chart of the BTC/USD pair.
Looking at the upside, immediate resistance lies around the $110,000 mark, with initial key resistance at $110,750. The next significant resistance might be at $111,800. A closing above this level could propel the price further up, potentially testing the $113,000 resistance. Additional gains may push the price toward $115,000.
Could Bitcoin Decline Again?
If Bitcoin fails to break through the $110,000 resistance, another correction might ensue. The immediate downside support is positioned near the $109,200 level, with major support following at $108,500.
Should the downward pressure continue, the next support is around the $107,500 zone. Further declines could see the price approaching the $106,200 support level in the near term. The primary support is situated at $105,000; dipping below this could trigger bearish momentum.
Technical indicators:
Hourly MACD – The MACD is currently losing momentum within the bullish range.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is presently above the 50 mark.
Key Support Levels – $108,500, then $107,500.
Key Resistance Levels – $110,000 and $110,750.
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