News/NewsBTC/Bitcoin Price in Consolidation — Can it Break Through $110K?
The Bitcoin price has begun a new upward trend surpassing the $107,500 threshold. Currently, BTC is in a consolidation phase and it faces a tough challenge to overcome the $110,000 resistance level. Bitcoin recently initiated a fresh hike over the $108,500 territory.
At present, the price is hovering above $108,000 and the 100 hourly Simple Moving Average. A short-term ascending channel with a support base at $109,500 is observable on the hourly chart of the BTC/USD pair (data from Kraken).
The pair may trigger another surge if it maintains its position above the $107,850 mark. Bitcoin’s price began a new hike after it consolidated above the $105,500 resistance level. BTC managed to clear multiple obstacles around $107,000, setting off a significant increase.
Bullish activity pushed the price into a positive territory above the $108,000 mark. The price even briefly surpassed the $110,000 level before meeting resistance. The peak was around $110,578, and the price is now in the consolidation phase near the 23.6% Fibonacci retracement level of the upward move from the $105,116 swing low to the $110,578 high.
Bitcoin is currently trading above $108,000 and the 100 hourly Simple Moving Average. In addition, a short-term ascending channel with support at $109,500 is forming on the BTC/USD pair’s hourly chart.
The immediate resistance is near the $110,000 level. The first significant resistance is at the $110,500 level. If the price can close above the $110,500 resistance, it could potentially propel the price even higher. In this scenario, the price could reach and test the $112,000 resistance level. Further gains might push the price toward the $113,200 level.
If Bitcoin fails to break the $110,000 resistance zone, a downward correction may ensue. The immediate support is near the $109,500 level and the channel’s trend line. The first substantial support is at the $108,800 level.
The next support is currently near the $107,850 mark and the 50% Fibonacci retracement level of the upward move from the $105,116 swing low to the $110,578 high. Any further losses might drive the price to the $106,400 support in the short term. The key support is at $105,000, and if it fails, BTC might continue its downward trend.
Technical indicators:
Hourly MACD – The MACD is now decelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Major Support Levels – $108,800, followed by $107,850.
Major Resistance Levels – $110,000 and $110,500.
