Bitcoin recently experienced a notable upward movement, breaking through the $103,200 level. Following this surge, the cryptocurrency is now undergoing a correction and may retest the critical support level near $102,000.
After an initial rally past the $101,500 resistance, Bitcoin successfully exceeded subsequent resistance levels at $102,200 and $103,200. This upward trajectory continued as it moved beyond $104,500, establishing a positive trend. The price peaked at approximately $106,414 before entering a correction phase, dipping below the $105,000 level, where it is currently evaluating its position relative to the recent gains.
Key technical indicators show the current trading dynamics, with Bitcoin standing above the $103,000 level and the 100-hour Simple Moving Average. A significant bullish trend line has developed, establishing support at around $103,500. The immediate upward target now lies around $105,500, followed closely by a crucial resistance level at $106,500. Should Bitcoin manage to close above $107,000, it could extend its ascent toward the $108,800 resistance zone, with further gains possibly approaching the $110,000 level.
Conversely, if Bitcoin cannot breach the $105,000 resistance, a downward movement may commence. The initial support lies at $103,500, with a significant support benchmark positioned around $102,500, coinciding with the 50% retracement level from its recent low to high. Should further declines occur, Bitcoin could test the $102,000 zone, with potential losses extending toward the $100,500 level.
In summary, the current technical landscape remains mixed, with indicators reflecting a slowing bullish momentum. Investors will closely monitor these support and resistance levels to better understand possible future price movements.
