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$BTC Price Technical Analysis: Key Indicators

According to our Bitcoin technical analysis, the Bitcoin price chart shows BTC/USD has broken through key Fibonacci resistance levels, reclaiming the 0.5 level at $104,634 and is currently approaching the 0.618 level at $105,226.

If buyers can suppress selling around the current levels, a successful push past the 1.0 Fib extension at $107,141 could position $BTC to retest the all-time high and trigger a move towards $110,240 and $115,254.

The recent bounce from the $102,000 support zone forms a classic bullish reversal pattern, which suggests strong buyer interest. However, the Stochastic RSI seems to be pointing at a bearish trend, which suggests Bitcoin is trending in the overbought zone.

At the time of writing, $BTC is trading at $104,491. Should the current momentum hold, Bitcoin’s price forecast suggests a bullish outlook to $110,240 soon. The digital asset looks primed for a strong breakout, fueled by growing institutional appetite, increasing ETF flows and the rising concerns of inflation risks.

The price prediction for Bitcoin is generally bullish, with more investors seeing the asset as a hedge coupled with heavy ETF flows.

Bitcoin’s major price hurdle lies at $106,000.

Overcoming the price hurdle could pave the way for Bitcoin to reach $110,240.