Bitcoin Price Surges Above $108,000, Eyes Resistance at $110,750
Bitcoin is experiencing a price increase, trading above $108,000 and consolidating gains.
- BTC started an upward move above $107,500.
- Current trading level exceeds $108,500 and the 100 hourly Simple Moving Average.
- A bullish trend line offers support at $109,200 on the hourly chart.
- Potential for bullish momentum if BTC surpasses $110,750 resistance.
Price Movements
Bitcoin found support near $106,650 and initiated an upside correction. It surpassed the $107,500 and $108,000 resistance levels, with a spike above $110,000.
Current trading shows failure to settle above the 61.8% Fib retracement level from recent highs and lows. Immediate resistance is near $110,000, with key levels at $110,750 and potentially $111,800.
Correction Risks
If Bitcoin does not exceed $110,000, a correction may occur. Immediate support is at $109,200, followed by $108,500 and $107,500. A drop below $105,000 could indicate bearish trends.
Technical indicators show:
- Hourly MACD losing momentum in the bullish zone
- Hourly RSI above 50
Key support levels are $108,500 and $107,500; major resistances are $110,000 and $110,750.