🚀 Bitcoin About to Take Off — Is a New All-Time High in Sight?
Bitcoin has risen again and broke $106,000. BTC is growing and may reach $110,000.
Bitcoin has risen again from $102,000.
The price is above $105,500 and the 100-hour SMA.
If it breaks $107,000, the pair could rise.
Bitcoin Prices Rise Again
The price of Bitcoin resumed its rise from $102,000. BTC surpassed the barrier of $104,200 after forming a base. Bullish traders broke $105,000.
Above the 50% Fibonacci retracement level of the drop from the high of $107,042 to the low of $102,100. It allowed a move above the resistance of $106,000.
Since the price 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 hourly BTC/USD chart shows a short-term upward trend line with support near $105,800.
Bitcoin is above $105,500 and the 100-hour SMA. Near $107,000 there is immediate resistance to the upside. The first major resistance is at $107,200. The next obstacle could be $107,500. A close above the resistance of $107,500 could push prices. The price could soar towards the resistance of $108,800. New advances could push the price beyond $110,000 and to a new all-time high.
Another BTC Drop?
Bitcoin may correct again if it fails to break $107,000. Near $105,800 there is immediate support to the downside. The first substantial support is at $105,000.
Around $104,200 is the next support. Further losses could push the price towards $103,500. BTC could fall below $102,500, the primary support.
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Major Support Levels: $104,200, $103,500.
Key Resistance Levels: $107,000, $107,500.