Is Bitcoin ready to hit new highs? Is your wallet prepared?

Hey, crypto friends! Bitcoin (BTC) has recently been on a 'surge', directly breaking through the 'mountain' of $110,500 and starting a new frenzy mode. In this wave of increase, we can expect it to break through the resistance points of $112,000 or even $113,500, it's like a little rocket that just won't stop shooting up.


Looking at the hourly chart, the BTC/USD pair has just shaken off the selling pressure trend line at $111,000, like shaking off negative energy, and has surged above the resistance area of $115,000. More excitingly, Bitcoin made a historical new high directly at $116,800, making people want to shout: 'Rise, rise, let my wallet explode!'

Currently, Bitcoin is firmly standing above the 23.6% Fibonacci retracement level, which basically tells us that from the low of $110,600 to the high of $116,800, this wave of increase is still in a 'strong' state.

Simply put, Bitcoin's price has firmly surpassed the $113,500 mark and also crossed the 100-hour simple moving average (yes, this thing is a tool for technical analysts to monitor prices, representing the average level of recent prices). The resistance ahead is roughly around $116,000, with the first focus on $116,200. If it breaks through smoothly, $116,800 is waiting.

In simple terms, if Bitcoin can smoothly surpass the barrier of $116,800, it is very likely to sprint to $118,000 or even $118,800. Final goal? To fatten our wallets and make a dash for $120,000!

However, we can't rely solely on optimism. If Bitcoin fails to break through the 'hard resistance' at $116,800, it might correct a little and take a slight 'breath'. At this time, around $115,300 will be the first support line, like a soft cushion when you fall.

Further down, there is support at $113,700, which is quite critical because it is the 50% Fibonacci retracement level of the rise from $110,600 to $116,800, something that technical analysts place great importance on.

If it drops more sharply, then $113,200 or even $112,500 will be the support levels, and everyone needs to be a bit anxious. The worst-case scenario is breaking below $110,500, which could trigger a new round of decline.

In terms of technical indicators, the MACD (don’t worry, it sounds complex, but it just tells us the buying and selling signals) is now having a great time in the bullish zone, indicating strong buying sentiment.

The RSI (Relative Strength Index) is also performing well, currently above 50, indicating that Bitcoin is not overheated, but momentum is good, so we can relax a bit.

In summary, in the short term, if Bitcoin continues to break through $116,800, wallets might really 'fly'. But if faced with resistance, don’t rush, a few days of adjustment is normal after all, as the market goes, ups and downs are commonplace.

Everyone needs to maintain a stable mindset and allocate funds reasonably; after all, the crypto world is 'highly volatile', and seeking progress while maintaining stability is the way to go!

In this market, whether you are a newbie or an old hand, remember one thing: be happy when it rises, stay calm when it falls, and the key is not to drop your wallet!

On the road of cryptocurrency, let's fly together! 🚀