Bitcoin BTC price reaches a new high, strong upward trend continues

Bitcoin price has resumed its upward trend above the resistance zone of $105,000, quickly rising and breaking through to reach a historical high of over $107,000. Currently, it not only stands firm above $104,000 and the 100-hour simple moving average, but the bullish trend line on the hourly chart is supported at $105,000, aiding the price rise.

From a technical perspective, after breaking through the key levels of $103,200 and $104,500, it leaped over $105,000. Although there has been a pullback, the 23.6% Fibonacci retracement level provides solid support. The MACD indicator is accelerating upward in the bullish zone, and the RSI is above 50, showing strong momentum.

However, if it fails to break through the resistance zone of $107,500, a downward correction may occur, with $105,000 or the trend line being crucial support. A drop below or testing $103,000 or even lower could happen. Conversely, successfully breaking through $107,750 could open up a new round of increases, with the next level at $108,000, and in extreme cases, it could surge to $112,000 or even $115,000.

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