Bitcoin Price Surges to New All-Time High Above $106,400
Bitcoin price has increased above the $100,000 resistance zone, reaching a new all-time high of over $106,400.
- Bitcoin initiated a surge beyond the $100,000 zone.
- The price is trading above $102,000 and the 100 hourly Simple Moving Average.
- A bullish trend line is forming with support at $103,400 on the BTC/USD hourly chart (data feed from Kraken).
- The pair may continue to rise if it remains above the $102,500 support zone.
Bitcoin Price Rallies Again
Bitcoin formed a base and began a fresh increase above $100,000, moving past $102,200 and $103,500 levels.
The price exceeded $104,000, establishing a new all-time high at $106,487, and is now consolidating gains while slightly declining below the 23.6% Fibonacci retracement level from the $99,250 swing low to the $106,487 high.
Bitcoin is currently trading above $102,000 and the 100 hourly Simple Moving Average. The bullish trend line near the 50% Fibonacci retracement level provides support at $103,400.
On the upside, resistance may occur around $105,500, with key resistance at $106,500. A clear break above $106,500 could drive the price higher, potentially testing $108,000 and further extending toward $110,000 and $112,000.
Another Decline In BTC?
If Bitcoin does not surpass the $105,500 resistance zone, it may decline. Immediate support is near $103,500 or along the trend line.
Major support levels are at $102,000 and $100,250, with further declines possibly targeting the $98,000 support area.
Technical indicators:
Hourly MACD – Gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – Above the 50 level for BTC/USD.
Major Support Levels – $103,500 and $102,000.
Major Resistance Levels – $105,500 and $106,500.