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4 hours ago
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Bitcoin Price Faces Resistance at $107K, Momentum Slowing

Bitcoin is showing signs of recovery, aiming to surpass the $107,000 resistance level.

  • BTC initiated a recovery above the $105,000 mark and is trading above the 100 hourly SMA.
  • A bullish trend line supports BTC at $104,000 on the hourly chart.
  • The price reached a high of $107,400 but faced resistance. A further rise depends on breaching the $107,500 level.

Resistance and Support Levels

  • Key resistance levels are at $106,600, $107,000, and potentially $107,500.
  • If BTC breaks $107,500, it might aim for $108,000 or higher, towards $109,200 and $110,500.
  • If unable to break $107,000, BTC could decline with supports at $104,800 and $104,000.
  • Main support sits at $102,500, crucial for any recovery.

Bitcoin Price

Technical Indicators

  • Hourly MACD is losing momentum in the bullish zone.
  • Hourly RSI for BTC/USD remains above 50, indicating a potential upward trend.

Investors should watch the $107,000 resistance closely as a breach could signal further gains.