Bitcoin price has started to rise again above the $105,000 resistance zone. BTC is picking up pace and traded to an all-time high of over $107,000.
Bitcoin has started a new rally above the $105,000 zone. The price is trading above $104,000 and the 100-hour simple moving average. On the hourly chart of the BTC/USD pair, a major bullish trend line is forming with support at $105,000 (data feed from Kraken). If it breaks above the $103,500 support zone, the pair could start a new rally.
Bitcoin price rise is expanding
Bitcoin price has formed a base and started a new rally above the $102,000 zone. There was a move above the $103,200 and $104,500 levels.
The price also cleared the $105,000 level. A new all-time high was formed at $107,777, and the price is currently consolidating its gains. There was a slight decline below the 23.6% Fib retracement level of the recent rally from the swing low of $99,251 to the high of $107,777.
Bitcoin price is currently trading above $104,000 and the 100-hour simple moving average. Additionally, an important bullish trend line has formed on the hourly chart of the BTC/USD pair with support at $105,000.
On the upside, the price may face resistance near the $107,200 level. The first major resistance level is near the $107,750 level. A clear break above the $107,750 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.
Source: BTCUSD on TradingView.com
In the above case, the price may rise and test the $112,000 resistance level. Any further rise could push the price closer to the $115,000 level.
BTC downward price correction?
If Bitcoin fails to rise above the $107,500 resistance zone, a downside correction could begin. Immediate support on the downside is near the $105,000 level or trendline.
The first major support is near the $103,000 level, or the 50% Fib retracement level of the recent rally from the swing low of $99,251 to the high of $107,777. The next support is currently located near the $102,000 zone. Any further losses could send the price towards the $100,000 support in the short 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 – $105,000, followed by $103,000.
Key resistance levels – $107,500 and $112,000.
