Bitcoin price has broken above the $100,000 resistance zone and started rising again. BTC rose nearly 5% to a new all-time high of over $106,400.
Bitcoin has started a new rally above the $100,000 zone. The price is trading above $102,000 and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a bullish trend line has formed connecting at $103,400 as support (data feed from Kraken). If the pair breaks above the $102,500 support zone, it could start a new rally.
Bitcoin price rises again
Bitcoin price has formed a base and started a new rally above the $100,000 zone. There was a move above the $102,200 and $103,500 levels.
The price also cleared the $104,000 level. A new all-time high was formed at $106,487, and the price is currently consolidating its gains. From the swing low of $99,250 to the high of $106,487, it has slowly declined below the 23.6% Fib retracement level of the recent wave.
Bitcoin price is currently trading above $102,000 and the 100-hour simple moving average. Also, on the hourly chart of the BTC/USD pair, a bullish trend line has formed connecting at $103,400 as support. The trend line is close to the 50% Fib retracement level of the recent wave from the swing low of $99,250 to the high of $106,487.
On the upside, the price may face resistance near the $105,500 level. The first major resistance level is near the $106,500 level. A clear break above the $106,500 resistance could push the price higher. The next major resistance level could be at $108,000. If the price closes above the $108,000 resistance, the price could move higher.
In the above case, the price may rise and test the $110,000 resistance level. Further upside could push the price closer to the $112,000 level.
Will BTC fall again?
If Bitcoin fails to rise above the $105,500 resistance zone, the decline could continue. Immediate support on the downside is near the $103,500 level or trendline.
The first major support is near the $102,000 level. The next support is currently near the $100,250 zone. Any further losses could send the price towards the $98,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is currently pacing in the bullish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is currently above the 50 level.
Major support levels – $103,500, followed by $102,000.
Key resistance levels – $105,500 and $106,500.
