The price of Bitcoin has started to climb above the $104,000 region, with the possibility of reaching a new all-time high while consolidating above $105,000.
- Bitcoin began a notable increase above the $102,500 resistance area.
- Currently, the price is trading above $104,500 and the 100-hourly Simple Moving Average.
- There was a breakthrough above a connecting bearish trend line with resistance at $104,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- If the pair can maintain above the $103,500 support area, it may see another upward move.
Bitcoin Sees Price Improvement
The price of Bitcoin has started a significant upward movement above $102,500, surpassing levels like $103,500 and $104,000.
Bulls have even managed to push the price above $105,000. Additionally, there was a break above a bearish trend line with resistance at $104,000 on the hourly chart of the BTC/USD pair. Further, the pair has exceeded the 50% Fib retracement level from the recent downtrend.
Currently, Bitcoin is trading above $104,500 and the 100-hourly Simple Moving Average. The immediate resistance is around $107,000, close to the 76.4% Fib retracement level.Another key resistance is near $107,500, with a clear break above potentially leading to further price increase towards $109,000.
If the price manages to break above $109,000, it could reach even higher levels like $110,000 and beyond, potentially setting a new all-time high.
Potential Downside Movement in Bitcoin
If Bitcoin fails to surpass the $107,000 resistance level, a downward correction may ensue. The immediate support lies around $104,500, followed by a major support at $103,500.
The next support level can be found near $102,800, and further losses could lead the price towards $100,500 in the short term.
Key technical indicators include:
– Hourly MACD showing bullish momentum
– Hourly RSI for BTC/USD above the 50 level
Major support levels are at $104,500 and $103,500, while major resistance levels are at $107,000 and $108,500.
