Bitcoin Price Aims for Break Above $106,500 Resistance Level
Bitcoin price is increasing, consolidating above $102,500, and may target a move past $106,500.
- Bitcoin initiated an increase from the $98,250 level.
- Current trading is above $102,500 and the 100 hourly Simple moving average.
- A break occurred above a bearish trend line at $101,500 on the BTC/USD hourly chart.
- Price could rise further if it maintains above $102,500.
Bitcoin Price Recovery
Bitcoin started rising from $98,500. It gained momentum after political developments. The price surpassed $102,000 and $103,200 levels.
A key bearish trend line was broken, clearing the 61.8% Fib retracement level from the swing high of $106,470 to the low of $98,277.
Currently, Bitcoin trades above $104,000, close to the $106,000 level and above the 76.4% Fib retracement level.
Immediate resistance is near $106,000, with key levels at $106,200 and $106,500. A close above $106,500 could lead to testing $108,000, with potential gains towards $110,000.
Potential Decline for BTC
If Bitcoin does not break above $106,000, a decline may occur. Immediate support is at $104,000, followed by major supports at $103,500 and $102,500. Significant losses could push the price down to $101,200, with main support at $100,000.
Technical indicators show:
- Hourly MACD losing bullish momentum.
- Hourly RSI above 50.
- Major support levels: $104,000, $103,500.
- Major resistance levels: $106,000, $106,500.