Bitcoin Price Surges to New All-Time High Above $108,000
Bitcoin price increased above the $106,000 resistance zone, reaching a new all-time high of over $108,000 and is currently correcting its gains.
- Bitcoin surged past the $106,000 zone.
- The price remains above $105,000 and the 100 hourly Simple Moving Average.
- A break occurred below a key bullish trend line with support at $106,000 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair may initiate another increase if it stays above the $103,750 support zone.
Bitcoin Price Trends Upward
Bitcoin formed a base and initiated a fresh increase above the $103,500 zone, surpassing the $104,000 and $105,000 levels.
The price cleared $106,000, establishing a new all-time high at $108,297, followed by a correction. A minor decline occurred below the 23.6% Fib retracement level of the recent wave from the $99,250 swing low to the $108,297 high.
A break below a significant bullish trend line with support at $106,000 on the hourly chart was noted. Bitcoin is trading above $105,000 and the 100 hourly Simple Moving Average.
Resistance may be encountered near the $106,200 level, while the first key resistance is around $107,750. A clear move above this level could propel the price higher, targeting $108,250. Closing above $108,250 may lead to further increases.
In this scenario, the price could rise to test the $112,000 resistance level, with potential gains toward $115,000.
Potential Downside for BTC
If Bitcoin does not surpass the $106,200 resistance zone, it may continue to decline. Immediate support is near $105,000.
The first major support lies at $103,750 or the 50% Fib retracement level from the $99,250 swing low to the $108,297 high. The next support is around the $102,200 zone, with further losses potentially leading to support at $100,500.
Technical indicators:
Hourly MACD – The MACD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.
Major Support Levels – $105,000 and $103,750.
Major Resistance Levels – $106,200 and $108,250.