Bitcoin Price Consolidates Gains Above $108,000 with Key Resistance at $110,750

Bitcoin Price Update

Bitcoin price increased above $108,000.
Current trading price is above $108,000 and the 100 hourly Simple Moving Average.
A bullish trend line is forming with support at $108,800.
Potential bullish momentum if it surpasses the $110,750 resistance level.

Price Movement Details

Bitcoin found support near $107,400 and initiated an upward correction, trading above resistance levels of $108,000 and $108,500. It briefly exceeded $110,000 but faced selling pressure around $110,750, resulting in a correction below $110,000 and the 50% Fib retracement level.

Immediate resistance is at $110,000, followed by key resistance at $110,750. A close above $111,800 could lead to further gains towards $113,000 and potentially $115,000.

Correction Risks

If Bitcoin does not surpass the $110,750 resistance, it may experience a correction. Immediate support levels are:

$108,500
$108,350 (76.4% Fib level)
$107,850
Main support at $105,000, below which bearish momentum may increase.

Technical indicators show a slowing MACD and RSI below 50.