Bitcoin Price Surges Above $107,000, Eyes Resistance at $110,500
Bitcoin price is increasing, currently trading above $107,000, with potential resistance at $110,500.
- BTC started moving upward after settling above $103,500.
- Recent high reached $110,550 during the upward trend.
- Currently consolidating gains above the 23.6% Fib retracement level from $100,400 to $110,550.
- Support established at $106,850 via a bullish trend line on the hourly chart.
- Immediate resistance near $110,000, with key levels at $110,500 and $112,500.
Potential Decline Risks
If BTC does not surpass $110,500, it may decline. Key support levels include:
- $108,200 (immediate support)
- $106,500 (major support)
- $105,500 (50% Fib retracement level)
- $103,500 (main support)
- $102,000 for increased bearish momentum
Technical indicators show bullish momentum, with MACD gaining pace and RSI above 50.