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.
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