Bitcoin Price Consolidates Gains Above $108,000 with $110,000 Resistance
Bitcoin Price Update
- Bitcoin has increased above $108,500.
- Current trading is above $108,000 and the 100 hourly Simple Moving Average.
- A rising channel forms with support at $109,500 on the hourly chart for BTC/USD.
- Price may increase further if it remains above $107,850.
Bitcoin's price surged past $105,500 resistance, reaching a high near $110,578 before consolidating. It currently trades above $108,000.
Key resistance levels are:
- $110,000 (immediate)
- $110,500 (first key)
- $112,000 (potential target if above $110,500)
- $113,200 (next target)
If Bitcoin cannot surpass $110,000, it may decline. Key support levels include:
- $109,500 (immediate)
- $108,800 (first major)
- $107,850 (next support)
- $106,400 (further loss potential)
- $105,000 (main support)
Technical indicators show the MACD losing bullish momentum while the RSI remains above 50.