🚀 Bitcoin Breakout Begins — Is This Just the Start of a Mega Rally?

Bitcoin price rose to a record high over $111,600. BTC is stabilizing and may rise beyond $111,000 again.

Bitcoin rose again from $106,800.

The price is over $108,500 and the 100-hour SMA.

BTC/USD broke above a negative trend line with resistance at $107,800 on the hourly chart.

If it breaks $110,000, the pair may rise.

Bitcoin Price May Rise

Bitcoin reached an all-time high over $110,000 and began a decline. BTC just touched $106,700 and started rising.

Moved over $107,000 and $108,000 resistance levels. Bulls broke the 23.6% Fib retracement level of the latest fall from $111,983 swing high to $106,672 low. On the hourly BTC/USD chart, a negative trend line with resistance at $107,800 was broken.

Bitcoin is over $109,000 and the 100-hour SMA. Near $110,000 is immediate upward resistance. It is around the 61.8% Fib retracement of the latest slide from $111,983 swing high to $106,672 low.

First major resistance is at $110,750. The next hurdle may be $111,800. A close above $111,800 barrier might boost prices. Should the price climb, it might challenge $113,000 barrier. More advances might push the price beyond $115,000.

Another BTC Drop?

Bitcoin may correct again if it fails to break $111,000 barrier. The downside has immediate support at $108,000. Near $107,500 is the first substantial sponsorship.

Around $106,500 is the next support. More losses might push the price toward $105,000. BTC may go below $103,200, the primary support.

The technical indications

The MACD is rising in the positive zone.

Relative Strength Index hourly BTC/USD RSI is over 50.

Major Support Levels: $107,500, $106,500.

Major Resistance Levels: $111,000, $113,000.

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