—Are We Facing the Possibility of a New All-Time High?

Bitcoin has experienced an increase again, surpassing the $106,000 mark. BTC is on the rise and could reach $110,000.

Bitcoin has regained ground since $102,000.

The value is above $105,500 and the simple moving average of 100 hours.

The one-hour chart for BTC/USD indicates a short-term upward trend with approximate support at $105,800. If it surpasses $107,000, the pair could rise.

Bitcoin Prices Rise Again

The price of Bitcoin has resumed its rise from a level of $102,000. BTC managed to surpass the threshold of $104,200 after establishing a base. Optimistic traders managed to break the barrier of $105,000.

This is above the 50% Fibonacci retracement level of the drop that occurred from the high of $107,042 to the low of $102,100. This allowed an increase above the resistance of $106,000.

Since the price has closed above the 76.4% Fibonacci retracement level of the drop from the high of $107,042 to the low of $102,100, the price action is favorable.

The one-hour chart for BTC/USD shows a short-term upward trend, with support near $105,800. Bitcoin is above $105,500, as well as the simple moving average of 100 hours. There is immediate resistance upwards around $107,000.

The initial significant resistance is at $107,200. The next obstacle could be $107,500. A close above the resistance of $107,500 could result in a price increase. The value could rise towards the resistance of $108,800. New advances could push the price beyond $110,000, establishing a new all-time high.

Is Bitcoin on the Path to Another Drop?

Bitcoin could experience a correction again if it fails to surpass $107,000. There is immediate support downwards near $105,800. The first considerable support area is at $105,000.

The next support is around $104,200. Additional losses could drive the price down to $103,500. BTC could fall below $102,500, which is considered the main support.

Technical Indicators

The MACD is moving upwards in the positive zone.

The Relative Strength Index (RSI) for the hourly chart of BTC/USD remains above 50.

Relevant Support Levels: $104,200, $103,500.

Important Resistance Levels: $107,000, $107,500.