Bitcoin Price Surges Above $103,000, Eyes $105,000 Resistance

Bitcoin price is consolidating after clearing the $103,500 zone and may target the $105,000 level.

BTC began an upward move from the $101,500 support.
The price is above $103,000 and the 100 hourly Simple Moving Average.
A break occurred above the bearish trend line with resistance at $103,950 on the BTC/USD hourly chart.
Clearing the $105,000 resistance could enhance bullish momentum.

Current Price Action

Bitcoin formed a base at the $101,500 support and surpassed the $102,500 resistance. The price has moved above $103,200.

It also exceeded the 50% Fib retracement level of the decline from the $104,980 high to the $101,441 low, breaking the resistance at $103,950.

Currently, Bitcoin trades above $103,200, with immediate resistance near $104,150 or the 76.4% Fib level. Major resistance lies at $105,000 and potentially $105,500, with further gains possibly reaching $106,500 and $108,000.

Potential Decline

If Bitcoin does not surpass the $104,200 resistance, it may face a correction. Key support levels include:

Immediate support at $103,200 and 100 hourly SMA
Major support at $102,500
Next support near $101,500
Main support at $98,800

Technical indicators show:

MACD gaining in the bullish zone
RSI above 50