Bitcoin price has initiated a new upward movement, rising above the $102,000 mark. This surge in BTC could potentially pave the way for a move beyond the $105,000 resistance zone, though hurdles persist.
Currently, Bitcoin is trading above the $103,500 level and maintaining position above the 100 hourly SMA. It overcame a key bearish trend line at $102,400, moving into a positive zone. BTC also surpassed the 61.8% Fib retracement level from the previous downward wave.
In the event of breaking the $105,000 resistance, Bitcoin could test the $107,000 level. Conversely, failure to break resistance might lead to a decline, targeting $103,200 and $101,200 support levels.