NewsBTC reports that Bitcoin’s price has initiated a fresh upsurge, surpassing the $108,500 mark. Bitcoin is currently in a consolidation phase and could potentially aim for more gains beyond the $110,000 resistance.
Bitcoin experienced a fresh surge, crossing the $108,500 mark. The cryptocurrency is now trading above $108,500 and the 100 hourly Simple Moving Average. Furthermore, a key bearish trend line with resistance at $109,350 was broken on the hourly chart of the BTC/USD pair (data from Kraken).
Should Bitcoin maintain its position above the $108,350 zone, it could kickstart another increase. Post crossing the $107,500 resistance, Bitcoin breezed past several hurdles near $108,000, triggering a significant surge.
The bulls pushed Bitcoin into a positive zone above $108,500. The price gained momentum for a move above the 50% Fib retracement level of the downward move from the $110,515 swing high to the $107,299 low. In addition, the key bearish trend line with resistance at $109,350 on the hourly chart of the BTC/USD pair was broken.
Immediate resistance on the upside is near the $109,750 level, close to the 76.4% Fib retracement level of the downward move from the $110,515 swing high to the $107,299 low. The first crucial resistance is near the $110,000 level. If Bitcoin manages to close above the $110,000 resistance, the price could surge further. Under such circumstances, the price might aim for the $112,000 resistance level. Any additional gains might drive the price towards the $113,200 level, with the ultimate target being $115,000.
If Bitcoin is unable to surpass the $110,000 resistance zone, it could trigger another decline. Immediate support is around the $108,800 level, with the first significant support near the $108,350 level. The next support is approximately the $107,250 zone. Any further losses could drive the price towards the $106,400 support in the near term, with the main support at $105,000.
Technical indicators:
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $108,800, followed by $108,350.
Major Resistance Levels – $110,000 and $110,500.
