The price of Bitcoin has initiated a new increase, surpassing the $108,500 threshold. Currently, BTC has risen by over 3% and is exhibiting positive indicators above the $110,000 mark.
Additionally, a breakout above a bearish trend line with resistance at $108,800 was noted on the hourly chart of the BTC/USD pair. The bulls have propelled the pair above the $110,000 resistance zone, paving the way for a potential move towards the $112,000 level.
Should Bitcoin fail to surpass the $112,000 resistance zone, it may initiate a downside correction. Immediate support is located near the $110,800 level, while the first major support is around the $109,750 level or the 50% Fibonacci retracement level of the upward movement from the $107,500 swing low to the $112,000 high. The next support is now situated near the $109,200 zone. Additional losses could drive the price towards the $108,500 support level.