Bitcoin Price Consolidates Gains — Is a Breakout Brewing in the Range?

Bitcoin price started a fresh increase above the $108,000 zone. BTC is now consolidating gains and might aim for a move above $110,750

Bitcoin started a fresh upward move above the $108,000 zone.
The price is trading above $108,000 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support at $108,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if it clears the $110,750 resistance.

Bitcoin Price Consolidates Gains

Bitcoin price found support near the $107,400 zone and recently started an upside correction. BTC traded above the $108,000 and $108,500 resistance levels.

The price even spiked above the $110,000 resistance zone. However, the bears were active near the $110,750 level. There was a downside correction and the price traded below the $110,000 level. The price dipped below the 50% Fib retracement level of the recent move from the $107,600 swing low to the $110,742 high.

Bitcoin is now trading above $108,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $108,800 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $110,000 level. The first key resistance is near the $110,750 level. The next key resistance could be $111,800. A close above the $111,800 resistance might send the price further higher. In the stated case, the price could rise and test the $113,000 resistance level. Any more gains might send the price toward the $115,000 level.

Another Drop In BTC?

If Bitcoin fails to rise above the $110,750 resistance zone, it could start another correction. Immediate support on is near the $108,500 level. The first major support is near the $108,350 level and the 76.4% Fib level of the recent move from the $107,600 swing low to the $110,742 high.

The next support is now near the $107,850 zone. Any more losses might send the price toward the $106,500 support in the near term. The main support sits at $105,000, 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 below the 50 level.

Major Support Levels – $108,500, followed by $107,500.

Major Resistance Levels – $110,000 and $110,750.

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