Bitcoin Price Resumes Upward Move — Can It Break New Highs?

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Bitcoin price started a fresh increase above the $108,500 zone. BTC is now consolidating and might aim for more gains above the $110,000 resistance.

  • Bitcoin started a fresh increase above the $108,500 zone.

  • The price is trading above $108,500 and the 100 hourly Simple moving average.

  • There was a break above a key bearish trend line with resistance at $109,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • The pair could start a fresh increase if it stays above the $108,350 zone.

Bitcoin Price Eyes More Gains

Bitcoin price started a fresh increase after it settled above the $107,500 resistance. BTC cleared many hurdles near $108,000 to start a decent increase.

The bulls pushed the price in a positive zone above the $108,500 level. The price gained pace for a move above the 50% Fib retracement level of the downward move from the $110,515 swing high to the $107,299 low. Besides, there was a break above a key bearish trend line with resistance at $109,350 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading above $108,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $109,750 level. It is close to the 76.4% Fib retracement level of the downward move from the $110,515 swing high to the $107,299 low.

Bitcoin Price

The first key resistance is near the $110,000 level. A close above the $110,000 resistance might send the price further higher. In the stated case, the price could rise and test the $112,000 resistance level. Any more gains might send the price toward the $113,200 level. The main target could be $115,000.

Downside Correction In BTC?

If Bitcoin fails to rise above the $110,000 resistance zone, it could start another decline. Immediate support is near the $108,800 level. The first major support is near the $108,350 level.

The next support is now near the $107,250 zone. Any more losses might send the price toward the $106,400 support in the near term. The main support sits at $105,000, below which BTC might continue to move down.

Technical indicators:

  • Hourly MACD – The MACD is now gaining pace in the bullish zone.

  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

  • Major Support Levels – $108,800, followed by $108,350.

  • Major Resistance Levels – $110,000 and $110,500.

* 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.

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