Bitcoin Price Update
Bitcoin price started a fresh increase from the $98,250 zone. BTC is now consolidating and might aim for a move above the $106,500 resistance.
- Bitcoin started a fresh increase above the $102,000 zone.
- The price is trading above $102,500 and the 100 hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $101,500 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 zone.
Bitcoin Price Recovers Ground
Bitcoin price started a fresh increase from the $98,500 zone. BTC gained pace after Trump announced a ceasefire. The price was able to climb above the $102,000 and $103,200 levels.
Additionally, there was a break above a key bearish trend line with resistance at $101,500 on the hourly chart of the BTC/USD pair. The pair cleared the 61.8% Fib retracement level of the downward move from the $106,470 swing high to the $98,277 low.
Finally, the price traded close to the $106,000 level. Bitcoin is now trading above $104,000 and the 100 hourly Simple Moving Average. It is also above the 76.4% Fib retracement level of the downward move from the $106,470 swing high to the $98,277 low.
On the upside, immediate resistance is near the $106,000 level. The first key resistance is near the $106,200 level. The next key resistance could be $106,500. A close above the $106,500 resistance might send the price further higher. In that case, the price could rise and test the $108,000 resistance level. Any further gains might lead the price toward the $110,000 level.
Another Drop In BTC?
If Bitcoin fails to rise above the $106,000 resistance zone, it could start another decline. Immediate support is near the $104,000 level. The first major support is near the $103,500 level.
The next support is near the $102,500 zone. Any losses might send the price toward the $101,200 support in the near term. The main support sits at $100,000, below which BTC might struggle to find bids.
Technical Indicators:
- Hourly MACD – The MACD is now losing pace in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
- Major Support Levels – $104,000, followed by $103,500.
- Major Resistance Levels – $106,000 and $106,500.
Comments (5)
samadadeboye7@gmail.com
21:27 - 24/06/2025
105,900 now 106k soon
Odo Christopher
19:54 - 24/06/2025
Good to hear this
Godswill Walter
11:09 - 24/06/2025
Bitcoin Price have started increasing again. Good.
Marvel Steve
10:16 - 24/06/2025
Done
Marvel Steve
10:16 - 24/06/2025
Done