Bitcoin Price Surpasses $105,000 as Consolidation Continues
Bitcoin Price Analysis
- Bitcoin price is recovering above $105,000.
- Current trading is above $105,000 and the 100-hourly Simple Moving Average.
- A bullish trend line has formed with support at $105,350 on the hourly chart.
- Potential decline if the price breaks below the $104,000 support zone.
Bitcoin experienced a recovery after declining below $102,500, temporarily approaching $100,000. The price rebounded past the $103,500 resistance and rose above $105,000, reaching a high of $106,426. It is currently consolidating gains above the 23.6% Fib retracement level from the recent swing low.
- Immediate resistance near $106,200.
- Key resistance levels at $106,500 and $107,600.
- Potential upward movement towards $108,800 and then $110,000 if key resistance is breached.
If Bitcoin cannot surpass the $106,200 resistance, it may face another decline. Key support levels are:
- Immediate support at $105,200.
- Major support at $103,500 and $102,000.
- Main support at $100,000, below which bearish momentum may increase.
Technical indicators suggest:
- Hourly MACD shows bullish momentum.
- RSI for BTC/USD remains above the 50 level.