Bitcoin Price Surpasses $111,600, Consolidates Above Key Support Levels
Bitcoin price reached a new all-time high above $111,600 and is currently consolidating.
- BTC began an upward move from $106,800.
- The price is above $108,500 and the 100-hourly Simple Moving Average.
- A key bearish trend line was broken at $107,800 on the BTC/USD hourly chart.
- Further bullish momentum may occur if the price clears $110,000 resistance.
Current Market Status
Bitcoin traded above $110,000 before starting a correction. It tested $106,700 and then resumed its increase.
Key points include:
- Price moved above $107,000 and $108,000 resistance levels.
- BTC surpassed the 23.6% Fibonacci retracement level of the recent decline.
- Immediate resistance is near $110,000, close to the 61.8% Fib retracement level.
Next resistance levels are $110,750 and $111,800. A close above $111,800 could lead to tests of $113,000 and potential gains toward $115,000.
Potential Correction
If Bitcoin does not rise above $111,000, it might face a correction.
- Immediate support is near $108,000.
- First major support at $107,500, followed by $106,500.
- Main support at $103,200 may trigger bearish momentum if breached.
Technical indicators show:
- Hourly MACD gaining pace in bullish zone.
- RSI for BTC/USD above 50.
- Major support levels: $107,500 and $106,500.
- Major resistance levels: $111,000 and $113,000.