The price of Bitcoin has established a position above the $100,500 resistance level. BTC is currently consolidating its gains and may seek a new increase beyond the $105,000 mark.
- Bitcoin initiated a corrective phase after reaching the $106,800 zone.
- The current trading price is below $104,000 and the 100-hour Simple Moving Average.
- A bullish trend line is forming with support at $102,000 on the hourly chart for the BTC/USD pair (data sourced from Kraken).
- If the price remains above the $102,000 support level, the pair may initiate another upward movement.
Bitcoin Price Looks for New Upswing
The Bitcoin price experienced a substantial upward movement beyond the $104,500 level. BTC successfully climbed above $105,500 and $106,000.
Bullish momentum allowed the price to surpass the $106,500 threshold, but selling pressure emerged near $106,800. A peak was registered at $106,833, following which the price began to correct lower, dipping below $105,000.
A decline past the 50% Fibonacci retracement level occurred from the upward swing between the $101,281 low and the $106,833 high. Currently, Bitcoin is trading below $104,000 and the 100-hour Simple Moving Average. Additionally, a supportive bullish trend line is forming at $102,000 on the BTC/USD hourly chart.
On the upside, immediate resistance can be found around the $104,000 level, with key resistance at $105,500. A decisive move above the $105,500 mark could propel prices higher, with the next significant resistance near $106,800.
A successful close above $106,800 may lead to further price appreciation. In this scenario, Bitcoin could face new resistance at $108,200 and potentially aim for a record high. Further gains could see the price approach the $110,000 level.
Potential Declines for BTC?
If Bitcoin struggles to climb above the $104,500 resistance level, it might initiate a downside correction. Immediate support is found near the $102,500 level, which corresponds to the 76.4% Fibonacci retracement of the move from the $101,281 low to the $106,833 high. The first major support is located at the $101,250 level.
Next, support is positioned around the $100,500 level. Any further declines could lead the price down towards the $88,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is currently gathering momentum in the bearish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 threshold.
Major Support Levels – $102,500, followed by $101,250.
Major Resistance Levels – $104,500 and $105,500.
