Bitcoin has initiated a significant upward trend, breaking through the $102,000 level. Currently, the cryptocurrency is trading above $103,500 and remains above the 100-hour Simple Moving Average, showcasing strong bullish momentum.
The recent price movement indicates that Bitcoin has successfully surpassed crucial resistance levels, including both $102,000 and $102,200, signifying a shift into a positive trading atmosphere. Analysis shows that a notable breakout occurred above a bearish trend line positioned at $102,400. Additionally, the price has climbed above the 61.8% Fibonacci retracement level from a recent downward wave that saw values dip from a high of $107,080 to a low of $97,688.
As it stands, Bitcoin appears stable above the $103,000 mark but encounters resistance near the $105,000 area. The immediate resistance appears at around $104,800, coinciding with the 76.4% Fibonacci retracement from the previously mentioned downward wave. If Bitcoin can consistently maintain its upward trajectory and clear the $105,000 resistance, it may see further gains, potentially escalating to the next resistance levels of $105,500 and $107,000. A strong close above $105,500 could pave the way towards testing the pivotal $108,800 level in the near future.
Conversely, if Bitcoin ’s rally falters and it cannot surpass the $105,000 resistance, there’s a risk of a downward correction. Key immediate support to watch for is around $103,200, and should a more significant pullback occur, major support levels at $102,000 and $101,200 may come into play. Further losses below these levels could see Bitcoin trading towards the psychological $100,000 support zone.
Technically, indicators such as the hourly MACD are reflecting positive momentum, while the Relative Strength Index (RSI) is positioned above 50, reinforcing the bullish sentiment in the market.
