Bitcoin’s price has recently seen a fresh surge, surpassing the $107,500 mark, and is currently in a consolidation phase. If the current momentum can be maintained, a breakthrough above the $108,800 resistance level may be in sight.
Bitcoin initiated a fresh uptrend, pushing past the $107,500 threshold. The cryptocurrency is currently trading above this level and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, (data supplied from Kraken) a bullish trend line is forming, with support at $107,600.
The BTC/USD pair could experience a new surge if it manages to stay above the $106,500 zone.
Bitcoin started its fresh surge from the $105,000 mark, subsequently gaining pace to cross the $105,500 and $106,500 levels, entering a positive zone. The price tested the $108,800 zone after bullish forces pushed it above the $107,500 resistance level, forming a high at $108,792. The cryptocurrency is currently consolidating gains above the 23.6% Fib retracement level of the upward move from the $106,477 low to the $108,792 high.
Immediate resistance is now located near the $109,800 mark. The first significant resistance is near the $109,200 level. If the price manages to close above the $109,200 resistance, further increases could be on the horizon. In this scenario, the price could rise to test the $110,000 resistance level, with potential for further gains potentially pushing the price towards the $112,000 mark.
However, if Bitcoin fails to break through the $108,800 resistance, it could trigger a decline. Immediate support is found near the $107,800 level. The first major support is at the $107,500 level and the trend line. Further support is found at the $107,200 zone and the 61.8% Fib retracement level of the upward move from the $106,477 low to the $108,792 high. If the price drops further, it could head towards the $106,500 support level, with the primary support at $105,500. If the price drops below this level, bearish momentum could ensue.
Technical indicators:
Hourly MACD – The MACD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.
Major Support Levels – $107,500, followed by $107,200.
Major Resistance Levels – $108,800 and $110,000.
