Bitcoin Price Surges Above $107,500 with Potential for Further Gains
Bitcoin Price Update
- Bitcoin price is increasing above $107,500.
- Current trading level is above $107,500 and the 100-hour moving average.
- A bullish trend line has support at $107,600 on the hourly chart.
- The price could rise if it remains above $106,500.
Bitcoin gained momentum above $105,000, surpassing $105,500 and $106,500. It tested $108,800, with a peak at $108,792, and is consolidating above the 23.6% Fib retracement level from the recent low of $106,477.
Immediate resistance is at $109,800, with key resistance near $109,200. A close above this level may push the price towards $110,000 or even $112,000.
If Bitcoin does not break above $108,800, it may decline. Immediate support is around $107,800, with major support levels at $107,500 and $107,200. Further losses could lead to a support test at $106,500, with significant support at $105,500.
Technical indicators show:
- MACD gaining in the bullish zone.
- RSI for BTC/USD is above 50.