Bitcoin price has rallied to a new all-time high, surpassing $106,400, signifying a positive bullish movement within the cryptocurrency market. Bitcoin began its latest upward surge by breaching the $100,000 resistance zone and currently trades above $102,000 and the pivotal 100 hourly Simple moving average.
A critical bullish trend line is developing on the BTC/USD hourly chart, with support positioned at $103,400. This line aligns with the 50% Fib retracement level of the latest surge from a $99,250 swing low to the $106,487 high.
Resistance is anticipated at $105,500 and further up at $106,500, potentially propelling the price beyond these benchmarks into the $108,000 and $110,000 range. Should Bitcoin fail to rise above $105,500, it might encounter a downward movement, with significant support levels near $103,500 and lower at $102,000 and $100,250.
The technical indicators hint at a bullish momentum, with the hourly MACD gaining pace in the bullish zone and the RSI for BTC/USD trending above the 50 level, indicating a potential continuation of the upward trajectory.
Source: www.newsbtc.com ↗