Bitcoin has commenced a significant rally, surpassing the $100,000 level and reaching new heights, trading at approximately $106,487. The cryptocurrency has witnessed a nearly 5% increase, signaling strong market momentum as it consolidates gains after this all-time high. The current trading position lies above the $102,000 level, aided by the support of the 100-hourly simple moving average.
Technical analysis indicates the formation of a bullish trend line with support situated at around $103,400. This critical level is essential for Bitcoin ’s potential to maintain upward trajectory; if it stays above the $102,500 support zone, further increases may follow. The recent surge saw Bitcoin break through significant resistance levels, including $102,200 and $103,500, paving the way for the recent price peak.
However, challenges remain on the horizon. The cryptocurrency may encounter resistance around $105,500, with the first key resistance level identified at $106,500. A decisive breakthrough above this threshold could potentially herald further ascending movement, likely pushing Bitcoin towards the $108,000 level. A sustained close beyond $108,000 might set the stage for a test of the $110,000 resistance level, with a possibility of reaching up to $112,000 in subsequent rallies.
On the downside, if Bitcoin struggles to breach the $105,500 resistance, it may face continued downward pressure. Immediate support can be found near the $103,500 level or the aforementioned trend line, while more considerable support exists at around $102,000. Should losses extend, Bitcoin might find itself testing support at $100,250, with the potential for further declines toward the $98,000 level.
Technical indicators reveal a strengthening bullish sentiment, reflected in the MACD gaining traction in the positive zone and the RSI hovering above the 50 level, supportive of ongoing upward movement. Major support levels are established at $103,500 and $102,000, while resistance levels remain critical at $105,500 and $106,500.
