NewsBTC reports a promising surge in Bitcoin’s price, rising above a significant threshold of $108,500. This recent boost has propelled Bitcoin’s value over 3% higher, comfortably settling above the $110,000 mark.
Bitcoin’s price began an ascending trajectory from the $108,500 mark. Currently, it’s trading above $110,500, supported by the 100 hourly Simple Moving Average. The BTC/USD pair also broke through a bearish trend line with resistance at $108,800, as per the hourly chart data from Kraken.
The pair is likely to continue its climb if it successfully breaks through the $112,000 resistance zone. After clearing the $108,500 resistance zone, Bitcoin’s price accelerated, crossing the $108,800 and $109,500 resistance levels.
Apart from this, a bearish trend line with resistance at $108,800 on the BTC/USD pair’s hourly chart was also breached. The bulls rallied the pair beyond the $110,000 resistance zone, paving the path towards the $112,000 mark.
Bitcoin’s price peaked at $112,000 and is currently consolidating gains. The cryptocurrency tested the 23.6% Fib retracement level of the upward swing from the $107,500 low to the $112,000 high.
Immediate resistance on the upside is projected near the $111,600 mark, with key resistances near the $112,000 and $112,500 thresholds. If the price closes above the $112,500 resistance, a further surge towards the $115,000 and potentially $116,000 levels can be anticipated. The ultimate target might be the $118,000 mark.
However, if Bitcoin fails to surpass the $112,000 resistance, a downward correction may be imminent. Immediate support is projected near the $110,800 mark, with major support near the $109,750 level or the 50% Fib retracement level of the upward swing from the $107,500 low to the $112,000 high.
Further support is near the $109,200 zone, with potential losses driving the price towards the $108,500 support in the short term. The significant support level is $107,500, below which a downward trend might persist.
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 currently above the 50 level.
Major Support Levels – $110,800, followed by $109,750.
Major Resistance Levels – $112,000 and $115,000.
