Bitcoin Price Surges: Relief Rally Follows Reduction in Global Risk
Bitcoin price is experiencing a rally after breaking previous resistance levels. It is trading above $102,500, with eyes on the $106,500 resistance. If it fails to push past, it could face a downturn with immediate support at $104,000. Significant resistance lies at $106,000 and beyond.
Bitcoin’s price has recently started to climb again, moving up from the $98,250 range. Currently, Bitcoin (BTC) is consolidating and appears to be eyeing a move past the $106,500 resistance level. It crossed over the $102,000 mark earlier and is now trading above $102,500, buoyed by solid technical indicators including the 100-hour Simple Moving Average.
The upward momentum comes after an announcement from former President Trump regarding a ceasefire, which helped Bitcoin rally past significant resistance levels. It broke above a critical bearish trend line at the $101,500 mark as noted on the hourly chart of BTC/USD, following a positive shift in market sentiment.
Now hovering around $104,000, Bitcoin has also surpassed the 76.4% Fibonacci retracement level tied to its previous downturn. Key resistance levels are set close to $106,000 and $106,500, which, if surpassed, could open the doors for further increases, potentially pushing the price to around $108,000 or even $110,000.
However, the climb may not be guaranteed if Bitcoin struggles to break through the $106,000 resistance. Should it fail, there’s a risk of another downward trend. Immediate support rests at $104,000, with further major support at $103,500. If the price were to drop below $102,500, it could descend toward $101,200, with the main support barrier being at the $100,000 level, under which BTC may face significant difficulties.
Technical indicators suggest mixed signals. The hourly MACD is losing momentum, indicating some weakening in the bullish trend while the Relative Strength Index (RSI) remains comfortably above the neutral mark of 50, which might hint at continued strength in buyers.
In summary, Bitcoin’s latest price movements indicate a potential upward rally influenced by positive market sentiment. With resistance locks at $106,000 and above, it remains critical for BTC to maintain these gains to avoid dipping back down. Immediate support levels could serve as critical indicators for the market’s next moves.
Original Source: www.tradingview.com
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