After breaking through the $100,000 resistance zone, the price of Bitcoin began another upward trend. Bitcoin (BTC) has experienced a roughly five percent increase and reached a new all-time high greater than $106,400.
- Bitcoin started a fresh surge above the $100,000 zone.
- The price trades above $102,000 and the 100 hourly Simple moving average.
- A bullish trend line is forming with support at $103,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if it stays above the $102,500 support zone.
Bitcoin Price Rallies Again
Bitcoin prices rose after stabilizing above $100,000. Movement occurred between $102,200 and $103,500. Even $104,000 was overcome. The price has reached a record $106,487 and is consolidating gains. It has fallen from the current wave’s high of $106,487 to its swing low of $99,250, below the 23.6% Fibonacci retracement.
After a price surge, Bitcoin has surpassed $102,000 and the 100-hour simple moving average. Bitcoin/USD support is $103,400, and the hourly chart shows a positive trend line. In the most recent wave, which started at a $99,250 swing low and ended at a $106,487 high, the trend line is approaching 50% Fibonacci retracement.
The upside may see resistance near $105,500. The first significant hurdle is $106,500. If it breaks $106,500, the price may rise. $108,000 may be the next major obstacle. If it breaks the $108,000 resistance, the price may rise. The price could reach $110,000 resistance if the scenario is correct. The price could reach $112,000 if gains occur.
Another Decline In BTC?
Bitcoin might keep falling if it can’t break out of the $105,500 resistance zone. Near the trend line or the $103,500 level, immediate support exists on the downside. Near the $102,000 mark, you can find the first significant support. Now, the next level of support is close to the $100,250 area. If the price continues to fall, it might shortly reach the $98,000 support level.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $103,500, followed by $102,000.
Major Resistance Levels – $105,500 and $106,500.
In Summary
At $106,487, Bitcoin smashed through the $100,000 resistance zone, setting a new record. With support at $103,400 and a price still above the 100-hourly simple moving average, the price is presently consolidating above $102,000. Bitcoin may encounter resistance at $105,500 and $106,500 if it continues to rise above the $102,500 support.
If it breaks out over these levels, the price might go as high as $110,000 or $108,000. Important downside support levels may be seen at $103,500 and $102,000; if prices continue to fall, they might reach $98,000. Market moving averages (MACD) and relative strength indexes (RSI) are in positive territory, indicating bullish momentum.
FAQs
What are the key support levels for Bitcoin?
Key support levels for Bitcoin are at $103,500, $102,000, and $100,250, with further potential support at $98,000.
What resistance levels should Bitcoin watch for?
Bitcoin may face resistance at $105,500, $106,500, $108,000, and $110,000, with $112,000 as the next major hurdle.
What indicators show Bitcoin's bullish momentum?
The MACD is gaining pace in the bullish zone, and the RSI is above 50, indicating strong upward momentum.
What could cause Bitcoin's price to decline?
If Bitcoin fails to break through the $105,500 resistance, it could face declines with support levels around $103,500 and $102,000.
