Bitcoin Price Breakout: Massive Rally Just Beginning?

Bitcoin price surged beyond $102,000 again. BTC is soaring and may target $107,500 barrier.

Bitcoin surged past $100,500 barrier.
The price is over $102,500 and the 100-hour SMA.
The hourly BTC/USD chart shows a new connecting bullish trend line with support at $103,500.

If it breaks $105,000, the pair might rise again.
Bitcoin Price Aims Higher

Bitcoin price resumed rising from $96,500. BTC cleared $98,800 barrier after forming a base. The bulls pushed it past $102,000.

Pair rose beyond $104,500 and challenged $105,000. Price is consolidating gains above the 23.6% Fib retracement line of the upward advance from the $95,825 swing low to the $104,943 high.

Bitcoin is over $103,500 and the 100-hour SMA. The hourly BTC/USD chart shows a new connecting bullish trend line with support at $103,500.

Near $104,500 is immediate upward resistance. First major resistance is at $105,000. The next hurdle may be $105,500. A close above $105,500 barrier might boost prices. The price may surge to $106,200 barrier. More increases might push the price beyond $108,000.

Does BTC Support Dips?
Bitcoin may fall again if it fails to break $104,500. The $103,500 level and trend line provide immediate downside support. Near $102,800 is the first substantial support.

The next support is approaching $100,500, the 50% Fib retracement level of the upward run from $95,825 swing low to $104,943 high. More losses might push the price toward $98,800. The major funding is $97,500.

The technical indications

The MACD is rising in the positive zone.

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

Major Support Levels: $103,500, $102,800.

Key Resistance Levels: $104,500, $105,000.

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