Bitcoin has recently reclaimed a position above the $100,500 resistance level, signaling a potential for continued upward movement. Currently, the cryptocurrency is consolidating its gains and appears poised to explore expansion beyond the $105,000 threshold.
Following a notable correction from the $106,800 region, Bitcoin ’s price is currently hovering below $104,000 and the 100-hour simple moving average. Despite this setback, a bullish trend line is emerging on the hourly chart, offering support at the $102,000 level for the BTC/USD pair. If Bitcoin can maintain its position above this support zone, it may initiate another upward trajectory.
The price action saw Bitcoin making significant advances past essential levels, initially breaching the $104,500 range and later climbing above $105,500 and $106,000. The bullish momentum pushed Bitcoin to a peak of $106,833 before encountering resistance from sellers, prompting a decline below the $105,000 level. This corrective movement has brought Bitcoin below the 50% Fibonacci retracement level, indicating ongoing volatility.
Looking ahead, Bitcoin faces immediate resistance around the $104,000 level, with a critical hurdle nearing $105,500. A decisive breakthrough above this key level could pave the way for further increases, potentially testing resistance at $106,800 and beyond. Successful navigation of this upper range may position Bitcoin to challenge the $108,200 resistance and possibly reach fresh all-time highs, with a broader target near $110,000.
Conversely, should Bitcoin struggle to surpass the $104,500 resistance, it may begin a correction phase. Immediate support is situated around $102,500, with significant backing near $101,250. Further declines could lead to testing support at $100,500, and more extensive losses could channel the price toward the $88,500 region in the near term.
