The price of Bitcoin has started to rise again and has surpassed the $106,000 range. BTC is currently increasing and may head towards another increase to $110,000.

  • Bitcoin has started a new price surge from the $102,000 level.

  • The price is trading above $105,500 and the 100-hour simple moving average.

  • There is a short-term bullish trendline forming with support at $105,800 on the hourly chart of the BTC/USD pair (data from Kraken).

  • This currency pair may rise in price if it surpasses the $107,000 resistance level.

Bitcoin Price Starts to Rise Strongly

The price of Bitcoin has started to rise again from the $102,000 support level. BTC has formed a base and may surpass the $104,200 resistance level. Buyers have pushed the price above $105,000.

There is a clear move above the 50% Fibonacci retracement level of the downward move from a high of $107,042 to a low of $102,100. This opens the door for a move above the $106,000 resistance area.

The current price action is positive as the price has stabilized above the 76.4% Fibonacci retracement level of the drop from the high of $107,042 to the low of $102,100. Additionally, there is a short-term bullish trendline forming with support at $105,800 on the hourly chart of the BTC/USD pair.

Bitcoin is currently trading above $105,500 and the 100-hour simple moving average. On the positive side, immediate resistance is near $107,000. The first key resistance level is near $107,200. The next important resistance level could be $107,500. A close above the $107,500 resistance could push the price higher. In that case, the price could rise and test the $108,800 resistance level. Any further increase could push the price to $110,000 and a new all-time high.

Another Price Drop for BTC?

If Bitcoin does not surpass the $107,000 resistance level, it may begin another corrective phase. Immediate support on the downside is near $105,800. The first key support is near $105,000.

The next support level is currently near the $104,200 area. Any further losses could push the price down to the $103,500 support level in the near term. The key support level is at $102,500; below this level, BTC may gain downward momentum.

Technical Indicators:

• Hourly MACD – The MACD is currently accelerating in the bullish area.

• Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is currently above 50.

• Key support level – $104,200, followed by $103,500.

• Key resistance levels – $107,000 and $107,500.