The Bitcoin price has again broken the $100,000 resistance level. It has risen nearly 5%, trading at an all-time high above $106,400.
Bitcoin is starting to break through the $100,000 area again.
The price is currently above $102,000 and the 100-hour simple moving average.
On the hourly chart of the BTC/USD pair, a connecting bullish trend line has formed, with support at $103,400 (data from Kraken).
If this currency pair remains above the support area of $102,500, it could begin a new round of increases.
The Bitcoin price is rising again.
The Bitcoin price is forming a bottom and starting to break through the $100,000 area, surpassing the levels of $102,200 and $103,500.
The price even broke above the $104,000 level. It reached an all-time high of $106,487, and the current price is consolidating its gains. It is slowly declining below the 23.6% Fibonacci retracement level from the recent wave of $99,250 low to $106,487 high.
The Bitcoin price is currently trading above $102,000 and the 100-hour simple moving average. On the hourly chart of the BTC/USD pair, a connecting bullish trend line has also formed, with support at $103,400. This trend line is close to the 50% Fibonacci retracement level of the recent swing from $99,250 low to $106,487 high.
From the upside perspective, the price may face resistance near $105,500. The first key resistance level is around $106,500. If it clearly breaks the $106,500 resistance level, the price may rise further. The next key resistance level could be $108,000. If the closing price is above the $108,000 resistance level, the price may continue to rise.
In this scenario, the price may rise and test the resistance level at $110,000. If it continues to rise, the price could reach the $112,000 level.
Is BTC dropping again?
If Bitcoin fails to break through the resistance area of $105,500, it may continue to decline. The direct support level on the downside is around $103,500 or the trend line.
The first major support level is around $102,000. The next support level is currently near the $100,250 area. If the price falls further, it could drop to the $98,000 support level 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 now above the 50 level.
Major support level - $103,500, followed by $102,000.
Major resistance levels - $105,500 and $106,500.
