Bitcoin has started a new rally and is trading at a new all-time high above the $111,500 zone. BTC is currently consolidating and may aim for a rise to $113,200.

  • Bitcoin has started a new bullish rally from the $108,000 level.

  • The price is trading above $108,000 and the 100-hour simple moving average.

  • There is a significant bullish trend line forming with support at $110,000 on the hourly chart of the BTC/USD pair (data from Kraken).

  • This currency pair could rally if it breaks through the resistance level of $112,000.

Bitcoin Price Sets New ATH

The price of Bitcoin has begun a new rally from the support zone of $105,000. BTC has formed a base and may break through the resistance zone of $108,000. Buyers have pushed the price above $110,000.

Speculators have even pushed the price above the resistance zone of $111,500. The price has traded to a new all-time high near $111,980 and is currently consolidating the gains above the 23.6% Fib retracement level of the upward move from the swing low of $104,270 to the high of $111,980.

Bitcoin is currently trading above $109,000 and the 100-hour simple moving average. Additionally, there is a significant bullish trend line forming with support at $110,000 on the hourly chart of the BTC/USD pair.

On the positive side, immediate resistance is near the $112,000 level. The first important resistance is near $112,500. The next significant resistance could be $113,200. A close above the resistance of $113,200 could push the price even higher. In the stated case, the price could rise and test the resistance level of $115,000. Any further increase could push the price to $118,000.

Does BTC Have Downward Support?

If Bitcoin fails to break through the resistance zone of $112,000, it may start another correction. Immediate support on the downside is near the $110,000 level and the trend line. The first major support is near the $108,200 level and the 50% Fib retracement of the rise from the swing low of $104,270 to the high of $111,980.

The next support level is now near the $107,200 zone. Any further losses could push the price back to the support level of $106,000 in the near term. The key support level is at $105,000, below which BTC could gain downward momentum.

Technical indicators:

MACD hourly – The MACD is currently accelerating in the bullish zone.

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

Key support level – $110,000, followed by $108,200.

Major resistance – $112,000 and $113,200.