Bitcoin has initiated an upward trend, surpassing the $102,000 mark with potential for further growth towards the $105,000 resistance area.
- Bitcoin’s upward movement commenced above $102,000.
- The price is currently trading above $103,500 and the 100-hourly Simple Moving Average.
- A significant breakthrough occurred above a crucial bearish trend line, encountering resistance at $102,400 on the hourly BTC/USD chart from Kraken.
- A potential decline looms if the price remains below the $105,000 mark.
Bitcoin Gains Momentum
The value of Bitcoin saw an impressive surge above the $100,000 resistance threshold. BTC successfully cleared obstacles at $102,000 and $102,200, entering a positive territory.
Notably, a critical bearish trend line break occurred at the $102,400 mark on the BTC/USD hourly chart. The pair surged past the 61.8% Fib retracement level from the recent downward wave between the $107,080 high and $97,688 low, subsequently breaching the $103,500 resistance zone.
Currently positioned favorably, Bitcoin faces challenges around the $105,000 region. Presently, the price is above $103,000 and the 100-hourly Simple Moving Average. Immediate resistance lies at approximately $104,800 or the 76.4% Fib retracement level from the aforementioned price swing.
The primary resistance lies at $105,000 followed by a possible hurdle at $105,500. Surpassing the $105,500 mark could result in further upward movement, potentially testing the $107,000 resistance level. Subsequent gains might push the price closer to the $108,800 mark in the short run.
Potential Downward Movement in BTC?
If Bitcoin fails to breach the $105,000 resistance threshold, a downward trend might ensue. Immediate support is expected around $103,200, followed by a significant support level near $102,000.
Subsequent support hovers around the $101,200 area, with further declines possibly leading to the $100,000 support level in the near future.
Technical indicators:
Hourly MACD – The MACD suggests a bullish momentum shift.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD indicates a level above 50.
Key Support Levels – $103,200, followed by $102,000.
Key Resistance Levels – $105,000 and $107,000.
