Bitcoin Price Resumes Upward Move — Can It Break New Highs?
- Bitcoin price has initiated an increase above $108,500.
- The 100-hourly Simple Moving Average is trending positively for Bitcoin.
- Resistance around $110,000 is pivotal for future price movements.
- Immediate support sits near $108,800, followed by $108,350.
- Market indicators suggest bullish signals for Bitcoin’s near-term performance.
Bitcoin Shows Signs of Rebounding After Recent Declines
Bitcoin Price Resumes Upward Move Amidst Market Fluctuations Bitcoin’s price has initiated a notable increase, crossing above the $108,500 range recently. Following this surge, BTC is now in a consolidation phase, potentially targeting gains beyond the $110,000 resistance barrier. The latest data from Kraken indicates a bullish sentiment in the market, especially as Bitcoin’s price persists above the aforementioned $108,500 threshold and the key 100-hourly Simple Moving Average. These positive indicators suggest that the cryptocurrency is gearing up for potential upward momentum.
Market Anticipates a Bullish Breakout for Bitcoin
Potential for Continued Gains in Bitcoin Price After breaking through the $107,500 resistance, Bitcoin has been on a roll, clearing obstacles around $108,000 to establish a more robust upward trajectory. The bulls appear to be in control, pushing the price into a favorable zone and maintaining momentum above the $108,500 mark. Additionally, the price has surpassed the 50% Fibonacci retracement level of the downward movement from the previous high of $110,515 down to $107,299. The key aspect to watch is the resistance around $110,000; a successful close above it could pave the way for Bitcoin to test even higher levels, potentially reaching $112,000 or $113,200. Aiming for a striking target of $115,000 is on the minds of many traders at this juncture.
Support and Resistance Levels Under Scrutiny
Technical Indicators Suggest Caution for Traders However, should Bitcoin struggle to break past the $110,000 resistance, there is a likelihood for a fresh decline. Immediate support has been observed near $108,800, and if breached, with the first significant support level lying at $108,350. The pressure may continue if Bitcoin descends toward the $107,250 zone, with further losses potentially steering the price to the next psychological support at $106,400. If conditions worsen, a critical support level exists at $105,000. In terms of technical analysis, the Hourly MACD is gaining traction, indicating a bullish stance. Simultaneously, the RSI has crossed above the 50 mark, suggesting, at least in this moment, that the market is leaning more towards buying than selling.
Overall, Bitcoin’s price show signs of resilience as it attempts to solidify gains above critical resistance levels. The outlook hinges on its ability to surpass the $110,000 mark, which could unlock potential rallies toward higher targets. Conversely, traders are advised to keep a watchful eye on significant support levels which could trigger declines if breached.
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