Bitcoin (BTC) has recently initiated a new round of upward movement, successfully breaking through key resistance levels and testing the psychological level of $105,000.
Currently, BTC is consolidating its gains, and the short-term trend remains in a strong zone.
BTC breaks through key levels, and a short-term pullback is underway.
From a technical perspective, Bitcoin rebounded after finding support at $100,500 and broke through the significant resistance area of $102,000.
Bullish sentiment drives prices further upwards, reaching a local high of $104,980 at one point during the trading session.
Although the current price has retraced somewhat, it is still operating above $103,500 and above the 100-hour simple moving average.
Additionally, the BTC/USD hourly chart shows a new bullish trend line, with support roughly in the $103,650 area, providing technical support for the short-term trend.
Upper resistance: $105,000 is a key breakout point.
If the price can break through the initial resistance around $104,500, the first key resistance for further upward movement will be near $105,000.
If it closes above this level, it may trigger a new round of increases, with targets looking towards $105,500 and $106,800.
If market sentiment continues to improve, bullish forces are expected to further drive BTC towards the $108,000 area, initiating a larger upward trend.
If it encounters resistance and falls back, where will the support be?
If Bitcoin fails to break through $105,000 successfully, it may face some downward pressure in the short term.
The current support area is primarily at $103,500, followed by $102,850, which is also close to the 50% Fibonacci retracement level from the low of $100,772 to the high of $104,980.
If it falls below the aforementioned levels, it may test support levels at $101,750 or even $100,200.
If the market further weakens, $98,800 will become the next important defense line.
Technical indicator analysis: Momentum has slightly weakened.
MACD indicator (1 hour): Currently in the bullish zone, but momentum has weakened, suggesting a possible short-term consolidation phase.
RSI indicator (1 hour): Currently still above the 50 level, the market is in a slightly bullish state, but the intensity appears somewhat insufficient.
Summary: The trend remains bullish; watch for key resistance breaks.
Overall, Bitcoin is still in a bullish dominant pattern, and the high price consolidation is part of a healthy trend.
If it can break through the resistance band between $105,000 and $105,500, it is expected to initiate a new round of upward momentum.
If the breakout fails, investors should pay attention to the support performance at $103,500 and $102,850 to assess whether a new adjustment phase has begun.