$BTC

The price of Bitcoin has started a new increase from the support zone of 102,500 USD. BTC formed a base and was able to break through the resistance zone of 103,500 USD. Moreover, the bulls even pushed the price above 104,200 USD.

The pair surged sharply to 105,000 USD. A maximum was formed at the level of 104,980 USD, and the price is currently correcting gains. A move below the Fibonacci retracement level of 23.6% of the upward move from the swing low of 100,772 USD to the peak of 104,980 USD has occurred.

Additionally, there was a breakout of the connecting bullish trend line with support at the level of 103,600 USD on the hourly chart of the BTC/USD pair. Bitcoin is now trading below 103,500 USD and the 100-hour simple moving average.

Furthermore, there was a breakout of the connecting bullish trend line with support at the level of 103,600 USD on the hourly chart of the BTC/USD pair. Bitcoin is now trading below 103,500 USD and the 100-hour simple moving average.

However, the bulls are now active near the level of 102,850 USD and the 50% Fibonacci retracement level of the upward move from the swing low of 100,772 USD to the peak of 104,980 USD. On the upside, immediate resistance is near the level of 103,600 USD. The first key resistance is near the level of 104,200 USD.