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Bitcoin Surpasses 105,000: Will a Comprehensive Price Rise Return?
Bitcoin has started a bounce back on the zone of $105,000. BTC is currently consolidating and may attempt to break through the resistance level of $106,500. Bitcoin has begun a bounce back above the 105,000 dollar level. The price is trading above 105,000 dollars and the simple moving average of 100 hours. There is an upward trend line forming with support at 105,350 dollars on the hourly chart of the BTC/USD pair ( data from Kraken ). This currency pair may start a new decline if it breaks below the support zone of 104,000 dollars. Bitcoin Bounce Back Price The price of Bitcoin has started to drop sharply and is trading below the support zone of 102,500 dollars. BTC even traded near the zone of 100,000 dollars before the buying side appeared. A low has formed and the price has recovered above the $103,500 resistance level. Buyers have even pushed the price above the $105,000 resistance level. A high has formed at $106,426, and the price is now consolidating gains above the 23.6% Fibonacci retracement level of the bullish move from a swing low of $100,400 to a high of $106,426. Bitcoin is currently trading above $105,000 and the 100-hour simple moving average. Additionally, there is an ascending trend line forming with support at $105,350 on the hourly chart of the BTC/USD pair.
On the positive side, the immediate resistance level is near $106,200. The first important resistance level is around $106,500. The next important resistance level could be $107,600. Closing above the resistance level of $107,600 could push the price higher. In that case, the price could rise and test the resistance level of $108,800. Any further increase could push the price up to $110,000. Another Price Drop of BTC? If Bitcoin does not break through the resistance zone of 106,200 dollars, it may start another decline. Immediate support is near the 105,200 dollar level and the trendline. The first major support is near the 103,500 dollar level and the 50% Fib retracement level of the rise from the low of 100,400 dollars to the high of 106,426 dollars. The next support level is currently near the zone of $102,000. Any further losses could push the price down to the support level of $100,500 in the near future. The main support level is at $100,000, below which BTC may gain downward momentum. Technical indicators: Hourly MACD – The MACD is currently accelerating in the bullish zone. The relative strength index (RSI) hourly – The RSI for BTC/USD is currently above 50. Main support level – $105,200, followed by $103,500. The main resistance levels – $106,200 and $107,600.