Bitcoin Price Surges Past $106,000, Eyes $110,000 Target

Bitcoin Price Update

Bitcoin began an upward move from the $102,000 zone.
The price is currently above $105,500 and the 100-hour Simple Moving Average.
A bullish trend line is forming with support at $105,800 on the hourly chart of BTC/USD.
Clearing the $107,000 resistance could lead to further gains.

Bitcoin has risen above the $106,000 resistance after establishing a base above $104,200. This movement exceeded the 50% Fib retracement level from the recent downward trend.

Current trading details:

Immediate resistance levels are at $107,000 and $107,200.
Further increases could test the $108,800 level, aiming towards $110,000.

If Bitcoin does not surpass $107,000, it may face corrections:

Immediate support is at $105,800.
Major supports are at $105,000 and $104,200.
Significant bearish momentum could emerge if prices fall below $102,500.

Technical indicators show:

MACD is gaining in the bullish zone.
RSI is above 50.