Bitcoin Price Inches Toward All-Time High — Can Momentum Finish the Job?

Bitcoin price started a fresh increase and cleared the $105,500 zone. BTC is now consolidating and might aim for another increase toward $108,000

• Bitcoin started a fresh upward move from the $102,500 zone.
• The price is trading above $103,500 and the 100 hourly Simple moving average.
• There is a key bullish trend line forming with support at $104,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could gain bullish momentum if it clears the $106,000 resistance.

Bitcoin Price Extends Gains

Bitcoin price started a fresh increase from the $102,500 support zone. BTC formed a base and was able to clear the $103,500 resistance zone. The bulls even pushed the price above $104,200.

The bulls even pumped the price above $105,000. A high was formed at $107,042 and the price is now correcting gains. There was a move below the $105,500 level. The price dipped below the 50% Fib retracement level of the upward move from the $103,346 swing low to the $107,042 high.

However, it is stable above $104,000. There is also a key bullish trend line forming with support at $104,200 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $104,500 and the 100 hourly Simple moving average.

On the upside, immediate resistance is near the $105,500 level. The first key resistance is near the $106,000 level. The next key resistance could be $107,500. A close above the $107,500 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 and a new all-time high.

Another Decline In BTC?

If Bitcoin fails to rise above the $105,500 resistance zone, it could start another correction. Immediate support on the downside is near the $104,500 level. The first major support is near the $104,200 level and the trend line.

The next support is now near the $103,500 zone. Any more losses might send the price toward the $102,200 support in the near term. The main support sits at $100,500, below which BTC might gain bearish momentum.

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 – $104,200, followed by $103,500.

Major Resistance Levels – $105,500 and $106,000.