Bitcoin Price Overview

Bitcoin price started a fresh increase from the $105,200 zone. BTC is consolidating and may struggle to surpass the $110,000 resistance.

• Bitcoin initiated a fresh increase above the $108,000 zone.
• The price is trading above $107,500 and the 100 hourly Simple Moving Average.
• A break occurred above a bearish trend line with resistance at $106,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could initiate a fresh increase if it maintains above the $107,000 zone.

Bitcoin Price Regains Traction

Bitcoin price remained supported above the $105,000 level, initiating a fresh increase. BTC cleared multiple hurdles near $106,200 to start a decent rise.

There was a break above a bearish trend line with resistance at $106,300 on the hourly chart of the BTC/USD pair. The pair surged above the $107,500 resistance level, clearing the 76.4% Fibonacci retracement level of the decline from the $108,792 swing high to the $105,116 low.

Ultimately, the price surged toward the $110,000 level and tested the 1.236 Fibonacci extension level from the downward move.

Bitcoin is now trading above $108,000 and the 100 hourly Simple Moving Average. Immediate resistance lies near the $109,400 level, with the first key resistance close to $110,000. A close above $110,000 might push the price higher, potentially testing the $112,000 resistance level. Further gains could lead to a rise towards $113,200.

Possible Downside Correction for BTC?

If Bitcoin fails to rise above the $110,000 resistance zone, it could begin another decline. Immediate support is near $108,750, with major support at $108,000.

The next support is around the $107,200 zone, and any further losses could push the price toward the $106,500 support in the near term. The key support level sits at $105,000, below which BTC might continue to decline.

Technical Indicators:

• Hourly MACD: The MACD is losing pace in the bullish zone.
• Hourly RSI: The RSI for BTC/USD is above the 50 level.

Major Support Levels:

• $108,000, followed by $107,200.

Major Resistance Levels:

• $110,000 and $112,000.