💸$BTC Price Eyes $110K as Bulls Hold Key Support Levels
👉BTC has maintained its bullish momentum this week, starting a fresh climb above the $107,500 zone and aiming for higher resistance levels that could push the price toward $110,000 if momentum holds steady.
👉After gaining pace above the $105,000 zone, Bitcoin comfortably cleared $105,500 and $106,500, flipping them into strong supports.
👉Bulls then pushed the flagship crypto above the $107,500 resistance, testing the $108,800 zone with a local high recorded at $108,792.
👉At the time of writing, Bitcoin is consolidating gains above the 23.6% Fibonacci retracement level, taken from the recent upswing between the $106,477 swing low and the $108,792 high.
👉BTC continues to trade well above the $107,000 mark and the 100-hour Simple Moving Average, a positive sign for the near-term trend
🔥Key Levels to Watch
👉The hourly chart of the BTC/USD pair shows a bullish trend line forming with crucial support at $107,600.
👉On the upside, immediate resistance sits near $108,800, followed by stronger hurdles at $109,200 and $110,000.
👉If BTC closes above the $109,200 level, momentum could lift prices to the next target at $112,000.
🔥What If BTC Fails to Break Higher?
👉If Bitcoin struggles to move beyond $108,800, a short-term pullback could unfold. Immediate support sits near $107,800, with the first key support at $107,500, aligning with the trend line.
👉Below that, the next buffer is around $107,200, which is near the 61.8% Fibonacci retracement level of the latest surge.
👉Any deeper drop could test the main support at $106,500, while losing this mark might shift the momentum to the bears, exposing BTC to further downside toward $105,500.
🔥Technical Indicators Show Bullish Signs
🔖The hourly MACD for BTC/USD 👉 Gaining pace in the bullish zone.
🔖The hourly RSI 👉 Above 50.
🔖Major Support Levels:
👉$107,500
👉$107,200
🔖Major Resistance Levels:
👉$108,800
👉$109,200
👉$110,000