Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin price started a fresh increase and traded to a new all-time high above the $109,000 zone. BTC is now consolidating and might aim for an increase toward $112,000
- Bitcoin started a fresh upward move from the $106,000 zone.
- The price is trading above $107,000 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support at $107,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it clears the $110,850 resistance.
Bitcoin Price Sets New ATH
Bitcoin price started a fresh increase from the $104,200 support zone. BTC formed a base and was able to clear the $106,000 resistance zone. The bulls pushed the price above $107,500.
The bulls even pumped the price above the $109,000 resistance zone. The price traded to a new all-time high near $110,698 and is currently consolidating gains above the 23.6% Fib retracement level of the upward move from the $104,270 swing low to the $110,698 high.
Bitcoin is now trading above $108,000 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $107,800 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $110,850 level. The first key resistance is near the $112,000 level. The next key resistance could be $112,500. A close above the $112,500 resistance might send the price further higher. In the stated case, the price could rise and test the $113,800 resistance level. Any more gains might send the price toward the $115,000 level.
Are Dips Limited In BTC?
If Bitcoin fails to rise above the $112,000 resistance zone, it could start another correction. Immediate support on the downside is near the $109,000 level. The first major support is near the $107,500 level, the trend line, and the 50% Fib retracement level of the upward move from the $104,270 swing low to the $110,698 high.
The next support is now near the $106,500 zone. Any more losses might send the price toward the $105,000 support in the near term. The main support sits at $104,200, below which BTC might gain bearish momentum.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $109,000, followed by $107,500.
Major Resistance Levels – $110,850 and $112,000.
