Key Takeaways:
– Bitcoin price gained momentum, surpassing the resistance at $105,000.
– The digital currency traded at all-time highs above $107,000.
– There was a bullish trend line formed with support at $105,000.
Bitcoin Price Breaks New Ground
Bitcoin, the world’s leading digital currency, has again soared above the $105,000 resistance zone, exhibiting an impressive new surge. The Bitcon price continues to chalk up new records, reaching an all-time high of $107,777.
In recent trading, Bitcoin swiftly cleared the resistance at $105,000, quickly gathering pace towards the higher mark. Throughout the rally, Bitcoin traded above $104,000 while comfortably staying above the 100 hourly Simple moving average (SMA).
The latest surge, coming off a base formation above the $102,000 zone, witnessed a price movement beyond the $103,200 and $104,500 levels. This resulted in a new high and the digital currency is currently consolidating its gains.
Growing Bullish Momentum
As Bitcoin strengthens its footing over $104,000 and the 100 hourly SMA, there is a key bullish trend line observed. This trend line offers support at $105,000, fortifying the momentum of the BTC/USD pair.
If the pair manages to maintain integrity over the $103,500 support zone, there’s scope for a further increase. This can propel the value northwards and resistance at $107,200 looms on the horizon. The first significant resistance is faced near the $107,750 level, and if Bitcoin surges beyond this point, anticipation builds for more increases. The forthcoming key resistance may stand at $108,000, and should the price close above this figure, expect the price to rise further.
Potential Challenges Ahead
Bitcoin’s bullish run, however, doesn’t rule out the possibility of a downside correction. If the upward journey beyond $107,500 resistance fails, Bitcoin could face a drop. Immediate support on the downside is situated around $105,000 level or the bullish trend line formed.
The first major support is anticipated near the $103,000 level, or the 50% Fib retracement level. Bitcoin’s recent rally from a swing low of $99,251 to the high of $107,777 has brought this into play. Moreover, the decrease will find further support in the $102,000 zone, and any further loss might configure the price to approach the $100,000 support line shortly.
Technical Indicators Stay Positive
From a technical point of view, Bitcoin’s hourly MACD and RSI are indicative of a bullish market. The former is gaining pace in the bullish zone, and the latter is standing strong above the 50 level.
Looking ahead, Bitcoin holders and prospective buyers might want to watch these levels closely. Major Support Levels include $105,000 and $103,000. On the other hand, Major Resistance Levels stand at $107,500 and $112,000.
In conclusion, Bitcoin’s recent surge and the current price movement are indicative of a positive market sentiment. It will be intriguing to see if the digital currency can maintain its upward trajectory or if there’s indeed a downside correction on the cards.