Bitcoin price started a fresh increase and traded to a new all-time high above the $111,600 zone. BTC is now consolidating and might start another increase above $111,000.
- Bitcoin started a fresh upward move from the $106,800 zone.
- The price is trading above $108,500 and the 100 hourly Simple moving average.
- There was a break above a key bearish trend line with resistance at $107,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it clears the $110,000 resistance.
Bitcoin Price Eyes Fresh Increase
Bitcoin price traded to a new all-time above $110,000 and recently started a downside correction. BTC tested the $106,700 zone and recently began a fresh increase.
There was a move above the $107,000 and $108,000 resistance levels. The bulls pushed the price above the 23.6% Fib retracement level of the recent decline from the $111,983 swing high to the $106,672 low. Additionally, there was a break above a key bearish trend line with resistance at $107,800 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $109,000 and the 100 hourly Simple moving average. Immediate resistance is near the $110,000 level, which is close to the 61.8% Fib retracement level of the recent decline from the $111,983 swing high to the $106,672 low.
The first key resistance is near the $110,750 level, with subsequent resistance at $111,800. A close above $111,800 could propel the price even higher, potentially testing the $113,000 level. Should this upward momentum continue, the price could reach towards the $115,000 mark.
Will Bitcoin Face Another Decline?
If Bitcoin is unable to overcome the $111,000 resistance zone, it may initiate another corrective phase. Immediate support on the downside is near the $108,000 level, with the first major support at $107,500.
The next support level lies around the $106,500 zone. Any further losses could drag the price towards the $105,000 support in the near term, with critical support at $103,200. A breach below this level could allow bearish momentum to take hold.
Technical indicators are crucial for understanding market dynamics:
Hourly MACD – The MACD is currently gaining strength in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for the BTC/USD pair remains firmly above the 50 level, indicating bullish sentiment.
Major Support Levels – $107,500, followed closely by $106,500.
Major Resistance Levels – $111,000 and $113,000.
