Bitcoin's price may rise towards its all-time highs if it closes above $105,000. Bitcoin has failed to close above the resistance level of $105,000 and has faced repeated rejection since Sunday. The price of Bitcoin has remained below this level over the past four days. At the time of writing this report on Friday, it is approaching the key resistance level of $105,000.
If the price of Bitcoin (BTC) breaks and closes above the $105,000 level on a daily basis, the rally could extend towards its all-time high of $109,588 recorded on January 20.
The Relative Strength Index (RSI) on the daily chart shows a level of 70, hovering around overbought levels at 70, indicating bullish momentum. However, traders are advised to exercise caution due to the increased likelihood of a pullback given the overbought condition. Another possibility is that the RSI remains above the overbought level of 70 and continues its upward trend.
On the other hand, if Bitcoin faces rejection at the $105,000 level, it may extend its decline to retest the psychological support level of $100,000.