NewsBTC reports that Bitcoin’s price has begun a fresh surge, breaking through the $106,500 mark. The cryptocurrency is now consolidating its gains, potentially gearing up for another leap towards $110,000. This comes after Bitcoin initiated a new upward trajectory from the $105,000 level.
The currency is currently trading above $106,000, supported by the 100-hour Simple Moving Average (SMA). A key development was the breach of a connecting bearish trend line, which presented resistance at $106,400 on the hourly chart of the BTC/USD pair, according to data from Kraken.
Bitcoin could gain bullish momentum if it surpasses the $107,200 resistance. After establishing a base, Bitcoin managed to overcome the $105,000 resistance zone and bulls drove the price above $105,500. The price even soared above the $107,000 resistance zone, although it did not manage to maintain these gains.
The price reached a high of $107,262 before consolidating its gains. There was a slight dip below the 23.6% Fibonacci retracement level of the rise from the $104,269 low to the $107,262 high. Currently, Bitcoin is trading above $106,000 and the 100-hour SMA. The immediate resistance is around the $107,000 level, with key resistances at $107,200 and $107,500. A close above $107,500 could propel Bitcoin towards the $108,800 resistance level, and possibly even towards a new all-time high of $110,000.
If Bitcoin fails to break the $107,000 resistance, it might undergo another correction. Immediate support is around the $106,250 level, with significant support at the $105,400 level and the 61.8% Fibonacci retracement level of the rise from the $104,269 low to the $107,262 high. Further support lies in the $104,250 zone. A drop below this could push Bitcoin towards the $103,500 support in the near term, with the main support at $102,500. Falling below this level might trigger a bearish momentum for Bitcoin.
Technical indicators:
Hourly MACD – The MACD is losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $105,400, followed by $104,250.
Major Resistance Levels – $107,200 and $107,500.
