Bitcoin Price Resumes Upward Move — Can It Break New Highs?

Bitcoin price started a fresh increase above the $108,500 zone. BTC is now consolidating and might aim for more gains above the $110,000 resistance.

Bitcoin started a fresh increase above the $108,500 zone.
The price is trading above $108,500 and the 100 hourly Simple moving average.
There was a break above a key bearish trend line with resistance at $109,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh increase if it stays above the $108,350 zone.

Bitcoin Price Eyes More Gains

Bitcoin price started a fresh increase after it settled above the $107,500 resistance. BTC cleared many hurdles near $108,000 to start a decent increase.

The bulls pushed the price in a positive zone above the $108,500 level. The price gained pace for a move above the 50% Fib retracement level of the downward move from the $110,515 swing high to the $107,299 low. Besides, there was a break above a key bearish trend line with resistance at $109,350 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading above $108,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $109,750 level. It is close to the 76.4% Fib retracement level of the downward move from the $110,515 swing high to the $107,299 low.

The first key resistance is near the $110,000 level. A close above the $110,000 resistance might send the price further higher. In the stated case, the price could rise and test the $112,000 resistance level. Any more gains might send the price toward the $113,200 level. The main target could be $115,000.

Downside Correction In BTC?

If Bitcoin fails to rise above the $110,000 resistance zone, it could start another decline. Immediate support is near the $108,800 level. The first major support is near the $108,350 level.

The next support is now near the $107,250 zone. Any more losses might send the price toward the $106,400 support in the near term. The main support sits at $105,000, below which BTC might continue to move down.

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 – $108,800, followed by $108,350.

Major Resistance Levels – $110,000 and $110,500.

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