Bitcoin Breakout Begins — Is This Just the Start of a Mega Rally?

Bitcoin ($BTC ) price surged to a new all-time high above $111,600, indicating the potential beginning of a mega rally. After briefly correcting down to $106,700, BTC started rising again.

The price moved above the $107,000 and $108,000 resistance levels. Bulls managed to push the price beyond the 23.6% Fib retracement level of the recent decline from $111,983 to $106,672.

On the hourly BTC/USD chart, a downward trend line with resistance at $107,800 was broken. BTC is now trading above $109,000 and the 100-hour Simple Moving Average (SMA).

The next immediate resistance lies near $110,000, which also aligns with the 61.8% Fib retracement level of the recent slide. The first major resistance is at $110,750, and the next significant hurdle is at $111,800.

If Bitcoin closes above the $111,800 barrier, it could spark another rally, pushing prices toward the $113,000 resistance. A successful break above this level may even lead the price to test $115,000 and beyond.

However, if $BTC fails to break above the $111,000 resistance, a correction could occur. Immediate support lies at $108,000, followed by stronger support around $107,500 and $106,500. If losses deepen, the price might retest $105,000, and possibly $103,200, which is considered primary support.

Technical Indicators:

MACD: Gaining momentum in the positive zone.

RSI (Hourly): Positioned above 50, suggesting bullish momentum.

Key Support Levels: $107,500, $106,500, $105,000

Key Resistance Levels: $111,000, $111,800, $113,000, $115,000

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