Bitcoin Price Comeback Meets Resistance: Breakout or Rejection?
Trending Articles- Today’s Market Recap: US and Iran Signal Willingness to End Conflict, Three Major US Stock Indexes Surge, Dollar Ends Five-Day Winning Streak
- Trump Withdrawal Intent Reshapes Liquidity, Bitcoin Breaks $68,000 Mark
- Trump National Address ‘About-Face,’ Bitcoin Slumps Back to $66,000
- Gold Second-Quarter Outlook: Safe-Haven Failure or Pricing Logic Reshaping? Can Gold Enter a Major Rally?
- Gold Price Forecast: XAU/USD opens lower around $4,450 on fears of widening Iran conflicts
- USD/JPY Hits 160.00 Mark, Will Japanese Government Intervene? Will the Currency’s Rally Be Contained?
Bitcoin price started a fresh upward move above $103,200. BTC is now correcting gains and might revisit the $102,000 support zone.
Bitcoin started a decent upward move above the $103,200 zone.
The price is trading above $103,000 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support at $103,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $102,000 zone.
Bitcoin Price Recovers Above $102,000
Bitcoin price started a decent increase above the $101,500 resistance zone. BTC was able to surpass the $102,200 and $103,200 resistance levels to move into a positive zone.
It even cleared the $104,500 resistance zone. The pair settled in a positive zone and now faces hurdles near the $106,500 zone. A high was formed at $106,414 and the price is now correcting gains. There was a move below the $105,000 level.
It is now testing the 23.6% Fib retracement level of the upward move from the $97,688 swing low to the $106,414 high. Bitcoin price is now trading above $103,000 and the 100 hourly Simple moving average.
There is also a key bullish trend line forming with support at $103,500 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $105,500 level. The first key resistance is near the $106,500 level. The next key resistance could be $107,000.
A close above the $107,000 resistance might send the price further higher. In the stated case, the price could rise and test the $108,800 resistance level. Any more gains might send the price toward the $110,000 level.
Another Decline In BTC?
If Bitcoin fails to rise above the $105,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $103,500 level. The first major support is near the $102,500 level and the 50% Fib retracement level of the upward move from the $97,688 swing low to the $106,414 high.
The next support is now near the $102,000 zone. Any more losses might send the price toward the $100,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $103,500, followed by $102,500.
Major Resistance Levels – $105,500 and $106,500.
Read more
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
