Bitcoin Price Consolidates Above $106,000, Eyes $110,000 Target

Bitcoin (BTC) is experiencing a fresh increase, surpassing the $106,500 mark and consolidating for potential further gains toward $110,000.

BTC has moved up from the $105,000 zone.
Current trading price is above $106,000 and the 100 hourly Simple Moving Average.
A break occurred above the bearish trend line at $106,400 on the BTC/USD hourly chart.
Further bullish momentum may arise if resistance at $107,200 is cleared.

Price Movement Analysis

Bitcoin initiated an upward movement from the $103,200 support level and surpassed the $105,000 resistance. The price peaked at $107,262 but is currently consolidating.

Immediate resistance is noted at $107,000, with key levels at $107,200 and $107,500. A close above $107,500 could lead to testing $108,800 and potentially reaching $110,000.

Potential Downturn Risks

If BTC does not rise above $107,000, it may face corrections. Immediate support is at $106,250, followed by $105,400 and $104,250. Further losses could target $103,500 and the main support at $102,500.

Technical indicators show:

MACD is losing momentum in the bullish zone.
RSI is above 50.
Major support levels are $105,400 and $104,250.
Major resistance levels are $107,200 and $107,500.