Bitcoin Price Surges Above $105,000, Eyes Resistance at $106,500

Bitcoin price increased above $103,250 and is consolidating, potentially targeting a breakout above $106,500.

Current price is above $105,000.
Trading above $103,500 and the 100-hour Simple Moving Average.
Bullish trend line support at $106,000.
Price may rise if it remains above $104,200.

Price Movement Overview

Bitcoin gained momentum, surpassing the $102,500 level. It climbed past $103,200 and $103,500, entering a positive zone.

The price crossed the 76.4% Fib retracement level from the recent downward move. This sets the stage for resistance testing above $106,000 and potential movement toward $106,500.

Key resistances include:

$106,500
$107,200
$108,500

A close above $108,500 could lead to further gains, possibly testing $110,000 or $112,000.

Risk of Decline

If Bitcoin does not break through the $106,500 resistance, a decline may occur. Immediate support levels are:

$106,000
$105,500
$104,200

Additional losses could bring the price down to $103,500 or lower towards $102,000.

Technical indicators show:

MACD gaining strength in the bullish zone
RSI above 50