Bitcoin has surged to above $103,500, currently showing signs of bullish momentum. Following its climb from the $101,500 support zone, the cryptocurrency is eyeing the critical $105,000 resistance level, which could pave the way for further gains. However, failure to breach this resistance may signal a potential decline, with support levels becoming crucial.
Bitcoin’s recent price movements indicate a potential upward trajectory, with the cryptocurrency surpassing the $103,500 mark. Analysts are keeping a close watch as BTC appears to be consolidating, suggesting it might soon break through the significant $105,000 resistance level. The groundwork for this bullish trend seems to be forming as Bitcoin tested the $101,500 support region previously.
From its base at $101,500, Bitcoin has managed a steady rise, crossing key resistances, starting with the $102,500 level. In a noteworthy move, it pushed past $103,200, indicating strong buying interest. The price now sits above both the $103,000 mark and the 100-hour Simple Moving Average, providing additional support for the upward movement.
A notable technical indicator includes the break above a previously significant bearish trend line at $103,950 on the BTC/USD hourly chart. As Bitcoin trades beyond $103,200, immediate resistance now seems to hover around the $104,150 mark, which corresponds to the 76.4% Fibonacci retracement level from its last swing high of $104,980 to a low of $101,441. If Bitcoin manages to overcome the $105,000 resistance, analysts could see targets around $106,500 and possibly up to $108,000 in play.
However, caution is warranted. Should Bitcoin fail to break above the $104,200 resistance, there’s potential for a short-term correction. The nearest support sits around the $103,200 level alongside the 100-hour Simple Moving Average, while major support levels are identified at $102,500 and further down at $101,500. Any deeper pullback could lead to prices targeting the $100,000 support mark or below.
Technical analysis paints a mixed picture. The hourly MACD shows bullish momentum gaining steam while the RSI sits above the 50 mark, suggesting that the bulls still have some control. Importantly, all eyes remain on the key resistance levels at $104,200 and $105,000 as Bitcoin’s fate hangs in suspense for the coming sessions.
