Bitcoin has initiated a notable upward trend, successfully breaking through the $102,500 resistance level. The cryptocurrency has since climbed above the $104,500 threshold and is currently trading above the significant level of $105,000. This bullish momentum has positioned Bitcoin well above the 100-hour simple moving average, indicating a robust trend.
The latest movement saw Bitcoin surpass the $104,000 resistance, following a break from a bearish trend line. This technical shift suggests that if Bitcoin maintains its position above the $103,500 support level, it could continue on its upward trajectory. The cryptocurrency has also crossed the 50% Fibonacci retracement level from its recent decline, pointing to potential further gains.
Immediate resistance is anticipated around the $107,000 level, closely tracking the 76.4% Fibonacci retracement level. Should Bitcoin manage to break above the $107,500 zone, it may pave the way for further increases, targeting the $109,000 resistance level next. A decisive close over $109,000 could trigger a more significant rally, possibly reaching new heights, including the $110,000 level and beyond, with additional resistance around $112,500.
Conversely, if Bitcoin encounters difficulty surpassing the $107,000 resistance, a potential downward correction may emerge. Key support levels to monitor include $104,500 and $103,500. Should the price decline further, the next significant support is at approximately $102,800, with risks of falling to the $100,500 level if bearish pressure continues.
In summary, Bitcoin ’s price movements suggest a bullish trend, but careful attention to resistance and support levels will be crucial for traders in the coming sessions.
