Bitcoin’s price has embarked on a resurgence, breaking the $105,000 threshold. Currently in a consolidation phase, BTC could be gearing up to breach the $106,500 resistance. This upward shift has reignited hopes for a major market rally.
Bitcoin has initiated a recovery wave that has propelled it beyond the $105,000 zone. The cryptocurrency is now trading above $105,000 and the 100 hourly Simple Moving Average, indicating a positive market sentiment.
There is a bullish trend line emerging with support at $105,350 on the hourly chart of the BTC/USD pair (data sourced from Kraken). However, a fresh decline could be triggered if the pair breaks the $104,000 support zone.
Bitcoin’s price has rebounded from a recent dip that took it below the $102,500 support zone. The cryptocurrency even neared the $100,000 mark before the bulls intervened. The price has since recovered above the $103,500 resistance and even crossed the $105,000 resistance. A peak was reached at $106,426, with the price now consolidating gains above the 23.6% Fib retracement level of the upward move from the $100,400 swing low to the $106,426 high.
If Bitcoin manages to surge past the immediate resistance of $106,200, the first key resistance at $106,500, and eventually $107,600, it could drive the price even higher. A close above these levels might see the price testing the $108,800 resistance level, with potential gains pushing the price towards the coveted $110,000 mark.
But, if Bitcoin fails to breach the $106,200 resistance zone, it could trigger another decline. Immediate support is around the $105,200 level and the trend line, followed by significant support near the $103,500 level and the 50% Fib retracement level of the upward move from the $100,400 low to the $106,426 high.
Further losses could drive Bitcoin towards the $102,000 zone. The primary support rests at $100,000, and dropping below this level may result in bearish momentum.
Technical indicators:
- Hourly MACD – The MACD is gaining traction in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
- Major Support Levels – $105,200, followed by $103,500.
- Major Resistance Levels – $106,200 and $107,600.
