Bitcoin has begun a fresh upward trend, surpassing the significant $105,000 resistance level and reaching an all-time high of over $107,000. Following a strong performance, Bitcoin is trading above $104,000 and the 100-hour Simple Moving Average, indicating a bullish momentum in the market. A key bullish trend line has formed with support located at the $105,000 level on the hourly chart for the BTC/USD pair.
After establishing a solid base, Bitcoin ’s price surged past the $102,000 threshold. It successfully broke through the $103,200 and $104,500 resistance levels, culminating in the new all-time high at $107,777. Currently, Bitcoin is consolidating these gains, although there has been a slight retracement below the 23.6% Fibonacci level from the recent low of $99,251 to the peak of $107,777.
As the price hovers above $104,000 and the hourly moving average, it faces potential resistance around the $107,200 level, with a significant barrier at $107,750. Should Bitcoin manage to surpass this threshold, it could see further momentum and potentially test the $108,000 level. A close above this level might propel Bitcoin ’s price toward the $112,000 region, with further gains likely pushing it toward $115,000.
Conversely, if Bitcoin fails to maintain its upward trajectory and retreat below the $107,500 resistance level, it may initiate a downward correction. Immediate support is anticipated around the $105,000 level, with major support levels identified at $103,000 and $102,000. A notable decline could bring the price closer to the $100,000 level in the near term. Technical indicators suggest bullish sentiment, with the MACD showing increased momentum in positive territory, and the Relative Strength Index indicating strength above the neutral point.
