Bitcoin Price Surges Above $105,000 Amid Strong Bullish Trend

Bitcoin (BTC) price is experiencing an upward trend, having surpassed the $105,500 level. Consolidation may lead to further gains towards $108,000.

BTC initiated a rise from the $102,500 zone.
Current trading above $103,500 and the 100-hourly Simple Moving Average.
A bullish trend line is forming with support at $104,200 on the hourly chart.
Potential momentum if resistance at $106,000 is cleared.

Price Movements

BTC formed a base above $102,500, crossing the $103,500 resistance and reaching as high as $107,042 before correcting below $105,500. Stability is observed above $104,000.

Key levels include:

Immediate resistance near $105,500
First key resistance at $106,000
Next key resistance at $107,500
Potential rise to $108,800 if $107,500 is breached
Long-term target of $110,000 for new all-time highs

Potential Downturn

If BTC struggles to surpass $105,500, it may face corrections. Key support levels are:

Immediate support at $104,500
Major support at $104,200
Further support at $103,500
Main support at $100,500

Technical indicators show:

Hourly MACD losing bullish momentum
Hourly RSI above 50