๐ Bitcoin Sets Its Sights on New Highs โ Is the Next Leg Up Already Here?
Bitcoin recently dipped to $103,200 but appears to be stabilizing, hinting at a potential rebound beyond $106,000.
After a brief drop below $106,500, BTC is currently trading above $105,000 and the 100-hour SMA.
๐ Technical Overview!
On the hourly BTC/USD chart, a descending trendline creates immediate resistance near $105,550. A breakout above this level could pave the way for further gains.
Immediate Resistance: $105,550.
Key Hurdle: $106,000.
Next Target: $106,800 โ aligning with the 50% Fibonacci retracement of the recent drop from the $110,500 swing high to the $103,200 low.
A close above $106,800 could set the stage for a rally toward $108,000 or even challenge $110,000.
๐ Potential for Another BTC Drop?
However, if BTC fails to overcome the $106,000 barrier, renewed downside pressure could emerge. Key support levels to watch:
$105,000
$104,200
$103,200 (next major support)
Below that, $102,500 and even $101,200 could come into play.
๐ Technical Indicators!
MACD: Rising in positive territory.
RSI (hourly): Above 50, suggesting momentum remains bullish.
๐ Key Levels:
Support: $105,000, $104,200
Resistance: $106,000, $106,800