Bitcoin Price Coiling Up Is a Surge Past $110K on Deck?

News

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 above the $107,500 zone. BTC is now consolidating and might struggle to continue higher above the $110,000 resistance.

Bitcoin price started a fresh increase after it settled above the $105,500 resistance. BTC cleared many hurdles near $107,000 to start a decent increase.

The bulls pushed the price in a positive zone above the $108,000 level. The price even spiked above the $110,000 level before the bears appeared. A high was formed near $110,578 and the price is now consolidating gains near the 23.6% Fib retracement level of the upward move from the $105,116 swing low to the $110,578 high.

Bitcoin is now trading above $108,000 and the 100 hourly Simple moving average. Besides, there is a short-term rising channel forming with support at $109,500 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $110,000 level. The first key resistance is near the $110,500 level. A close above the $110,500 resistance might send the price further higher. In the stated case, the price could rise and test the $112,000 resistance level. Any more gains might send the price toward the $113,200 level.

If Bitcoin fails to rise above the $110,000 resistance zone, it could start another decline. Immediate support is near the $109,500 level and the channels trend line. The first major support is near the $108,800 level.

The next support is now near the $107,850 zone and the 50% Fib retracement level of the upward move from the $105,116 swing low to the $110,578 high. Any more losses might send the price toward the $106,400 support in the near term. The main support sits at $105,000, below which BTC might continue to move down.

Technical indicators:

Hourly MACD The MACD is now losing pace in the bullish zone.

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

Major Support Levels $108,800, followed by $107,850.

Major Resistance Levels $110,000 and $110,500.

Articles You May Like

Last Time Bitcoin’s Price Did This XRP Skyrocketed 518% in 77 Days
Dogecoin Bounces Back With 8% GainIs $0.26 In Sight?
Experts Positive on Crypto Altcoin ETFs This Year: Will XRP, ADA, and SOL Benefit?
XRP Could Hit $50 If Ripple Gets Bank License, Claims Crypto Pundit
Major XRP Announcement: Ripple Seeks US Banking License to Boost RLUSD Trust