Bitcoin prices have soared, breaking past the $100,000 threshold. BTC now trades at an unprecedented $106,400, reflecting a 5% jump.
Following its foundation over the $100,000 milestone, Bitcoin demonstrated renewed upward movement. The cryptocurrency's trading value now exceeds $102,000, with its momentum supported by the 100 hourly Simple Moving Average. A bullish trend line shows support at $103,400 on the BTC/USD hourly chart, using data from Kraken. Maintaining this position could trigger another upward phase, provided it stays above the critical $102,500 support level.
Establishing its base, Bitcoin ascended above the $100,000 zone. It surpassed $102,200 and $103,500 marks, later breaking beyond $104,000. A new record high at $106,487 was established.
Currently, the price is retrenching, dipping beneath the 23.6% Fibonacci retracement level, which accounted for the surge from $99,250 to $106,487. BTC is holding steady above $102,000, supported by the 100 hourly Simple Moving Average. A bullish trend line offers support around $103,400 on the hourly BTC/USD chart, nearing the 50% Fibonacci retracement level from the previous swing.
Resistance at $105,500 is expected, with a significant barrier looming at $106,500. A decisive move past $106,500 could propel prices higher. The next resistance resides at $108,000. Surpassing this could further drive the price upwards.
Should Bitcoin clear the stated resistance, it could test $110,000. Continued gains might see it approach the $112,000 level.
Failure to break through the $105,500 level may lead Bitcoin to decline. Immediate downward support is positioned near $103,500 or along the trend line. Significant support stands at $102,000, followed by the $100,250 zone. Any further decline might bring the price toward $98,000 shortly.
Technical Indicators:
The hourly MACD is accelerating within the bullish zone. The hourly RSI for BTC/USD is presently above the 50 mark.
Major Support Levels: $103,500, $102,000.
Major Resistance Levels: $105,500, $106,500.
