Bitcoin Aims for New Heights

Bitcoin's price has dipped to $103,200 but is showing signs of stabilization, potentially setting the stage for a rebound above $106,000. After falling below $106,500, BTC tested the $103,200 support level before consolidating losses and rising above $104,200.

Key Resistance Levels:

$105,550: A negative trend line on the hourly BTC/USD chart is connecting to resistance at this level.

-$106,000: The first major resistance level.

-$106,800: The 50% Fib retracement level of the latest slide, which could be a significant hurdle.

Potential Upside:

A clear break above $106,800 could boost prices, potentially driving the price to $108,000 and beyond $110,000.

Support Levels:

- $105,000: Immediate support.

- $104,200: First big support.

- $103,200: Next support level.

- $102,500: Potential target if losses continue.

- $101,200: Primary support.

Technical Indicators:

-MACD: Rising in the positive zone.

-RSI: Over 50 on the hourly BTC/USD chart.

Will Bitcoin break through the resistance levels and aim for new highs, or will it face another drop?