The price of Bitcoin broke through the $108,500 mark, initiating a new round of upward movement. Currently, BTC has risen over 3% and has broken through the $110,000 mark, showing positive momentum.

  • Bitcoin has started to break through the $108,500 area and is rising again.

  • The trading price is above $110,500 and the 100-hour simple moving average.

  • On the hourly chart of BTC/USD, a bearish trend line has been broken, with resistance at $108,800 (data from Kraken).

  • If the resistance area of $112,000 is broken, this currency pair may continue to rise.

The price of Bitcoin is expected to rise further.

The price of Bitcoin successfully broke through the resistance level of $108,500, initiating a new round of upward momentum. BTC is expected to continue challenging the resistance levels of $108,800 and $109,500.

On the hourly chart of BTC/USD, the price broke through the bearish trend line at $108,800, with strong bullish momentum pushing the price above the resistance area of $110,000, creating conditions for further advancement towards $112,000.

Bitcoin has formed a high near $112,000 and is currently in a consolidation phase of the upward trend. The price is testing near the 23.6% Fibonacci retracement level of the upward wave from $107,500 to $112,000.

Currently, the BTC trading price remains above $109,500 and the 100-hour simple moving average. In the short term, the upward pressure is mainly concentrated around $111,600, with the first key resistance level at $112,000. If broken, the next resistance target may be $112,500.

If the closing price successfully breaks through the resistance at $112,500, the price is expected to continue rising. In this scenario, BTC may test the resistance area at $115,000. The subsequent upward momentum could push the price towards $116,000, with the main target price set at $118,000.

Could BTC face a downward adjustment?

If Bitcoin cannot effectively break through the resistance at $112,000, the market may enter a correction process. Currently, the first support level is concentrated around $110,800. Next, the key support level is at $109,750, which is also close to the 50% Fibonacci retracement level from the low of $107,500 to the high of $112,000.

If there is further decline, the next support point may fall around $109,200. If the price continues to be under pressure, it may test the support area of $108,500 in the short term. If this key support is lost, BTC may face a deeper retracement, targeting $107,500.#BTC再创新高