Bitcoin Price Update

Bitcoin is attempting to recover, looking to surpass the $105,500 mark. If it breaks through the $107,000 resistance, there’s potential for further increases.

• Bitcoin has begun a solid recovery wave above the $105,000 support level.
• The price is currently above $105,000 and also trading above the 100-hour simple moving average.
• A bullish trend line is forming on the hourly chart for the BTC/USD pair, with support around $104,000.
• If BTC stabilizes above the $107,000 zone, there’s a chance it could continue its upward trajectory.

Major Resistance for Bitcoin Price

After rising above the $102,000 support, Bitcoin kicked off a recovery phase. It climbed above the $103,500 and $104,200 resistance levels.

The price could exceed $105,500, having tested the $107,500 resistance zone previously. A peak was recorded at $107,400, but Bitcoin is now consolidating. There was a slight pullback below the 23.6% Fibonacci retracement level from the low of $99,222 to the high of $107,400.

Currently, Bitcoin is trading above $105,000 and its 100-hour simple moving average. If the bulls make another recovery attempt, they might face resistance around the $106,600 mark. The primary resistance level rests near $107,000.

The next potential resistance could lie at $107,500. Should the price close above this, it may continue upward, possibly testing the $108,000 mark. Any further upward movement might see it close to $109,200, with further resistance around $109,800 and $110,500.

Is a Bitcoin Decline Possible?

If Bitcoin struggles to ascend past the $107,000 resistance, a decline could be on the horizon. Immediate support stands around $104,800, with the key support level being $104,000 and the trendline.

Next support appears at approximately $103,300, corresponding to the 50% Fibonacci retracement level from the low of $99,222 to the high of $107,400. Any further drops might push the price closer to the $102,350 support in the short term, while the main support level is at $102,500. Falling below that could make recovery challenging for Bitcoin.

Technical Indicators

Hourly MACD – The MACD is currently decelerating within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is just above the 50 level.

Major support level – $104,850, with another significant support at $104,000.

Key resistance levels – $106,500 and $107,000.