Bitcoin price started a fresh surge above the $102,000 zone. BTC is rising and might aim for a move toward the $107,500 resistance.
Bitcoin started a strong increase above the $100,500 resistance zone.
The price is trading above $102,500 and the 100 hourly Simple moving average.
There is a new connecting bullish trend line forming with support at $103,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it clears the $105,000 zone.
Bitcoin price started a fresh increase from the $96,500 support zone. BTC formed a base and was able to clear the $98,800 resistance zone. The bulls even pushed the price above $102,000.
The pair spiked above $104,500 and tested $105,000. A high is formed at $104,943 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $95,825 swing low to the $104,943 high.
Bitcoin is now trading above $103,500 and the 100 hourly Simple moving average. There is also a new connecting bullish trend line forming with support at $103,500 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $104,500 level. The first key resistance is near the $105,000 level. The next key resistance could be $105,500. A close above the $105,500 resistance might send the price further higher. In the stated case, the price could rise and test the $106,200 resistance level. Any more gains might send the price toward the $108,000 level.
If Bitcoin fails to rise above the $104,500 resistance zone, it could start another downside correction. Immediate support on the downside is near the $103,500 level and the trend line. The first major support is near the $102,800 level.
The next support is now near the $100,500 zone and the 50% Fib retracement level of the upward move from the $95,825 swing low to the $104,943 high. Any more losses might send the price toward the $98,800 support in the near term. The main support sits at $97,500.
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 – $103,500, followed by $102,800.
Major Resistance Levels – $104,500 and $105,000.
[#item_full_content]NewsBTCRead MoreThe largest transfers went to credit and trading firm Two Prime, which received more than…
Data shows social media users are still optimistic about XRP even as sentiment around Bitcoin…
BTC fell as much as 4.8% to around $60,033 during late U.S. hours, before snapping…
Post ContentRead MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]
Bitcoin's volatility gauge, the BVIV, spiked to nearly 100%, its highest level since the 2022…
QCP's Darius Sit says October's deleveraging event exposed the real divide: bitcoin trades like collateral,…
