Bitcoin Price Rises Above $105,500 Amid Bullish Momentum

Bitcoin (BTC) has initiated an upward trend, surpassing the $105,500 mark and currently consolidating above this level. The following key points summarize the current market situation:

BTC is trading well above $105,500 and the 100 hourly Simple Moving Average.
A bullish trend line is forming with support at $107,400.
For further gains, BTC needs to maintain levels above $106,000.
Recent highs reached $108,165, with immediate resistance at $108,000.
A breakout above $108,200 may lead to a rise towards $110,000 and possibly $112,000.
If it fails to break the $108,500 resistance, a decline could occur with support levels at $107,400, $105,500, and $104,000.

Technical indicators show momentum in the bullish zone with MACD strengthening and RSI above 50.