Bitcoin Price New ATH: Is This Just The Beginning?
Bitcoin price has once again breached the $100,000 resistance zone. BTC rose nearly 5% to hit an all-time high above $106,400.
- Bitcoin begins a new surge above the $100,000 area.
- The price is trading above $102,000 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $103,400 on the hourly chart of the BTC/USD pair (data via Kraken).
- If the pair holds above the $102,500 support zone, a fresh increase may start.
Bitcoin price rises again
Bitcoin Price Forms Base and Starts fresh addition Above the $100,000 area. The price broke above the $102,200 and $103,500 levels.
The price even broke above the $104,000 level. A new all-time high is at $106,487 and the price is now consolidating gains. It is slowly moving lower below the 23.6% Fib retracement level of the recent swing low of $99,250 to a high of $106,487.
Bitcoin price is currently trading above $102,000 100 hour simple moving average. There is also a connecting bullish trend line forming with support at $103,400 on the hourly chart of the BTC/USD pair. The trend line is near the 50% Fib retracement level of the recent swing from the $99,250 low to $106,487 high.
On the upside, the price may face resistance near $105,500. The first key resistance is near $106,500. A clear break above the $106,500 resistance could lead to a move higher. The next key resistance level is likely to be $108,000. A close above the $108,000 resistance could lead to further gains.
In the above scenario, the price may rise and test the $110,000 resistance. In case of further gains, the price may rise towards the $112,000 level.
Bitcoin falling again?
If Bitcoin fails to break above the $105,500 resistance zone, it may continue to fall. Immediate support on the downside lies near the $103,500 level or trendline.
The first major support is located near $102,000. The next support is near the $100,250 area. Any further losses could push the price towards the $98,000 support in the short term.
Technical indicators:
Hourly MACD – The MACD is currently accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
The main support level – $103,500, followed by $102,000.
Major resistance levels – $105,500 and $106,500.
