BTC reaches the stratosphere: Record price triggers rally
Bitcoin price rose again above $110,500. BTC has reached a new high and gained over $116,800, an increase of over 5%.
Bitcoin rose again above $112,500.
The price is above $113,500 and the 100-hour SMA.
BTC/USD broke through a negative trendline with resistance at around $111,000 on the hourly chart.
The pair could rise if it breaks the resistance of $116,800.
Bitcoin price reaches ATH
The Bitcoin price continued its rise after breaking the $110,500 mark. BTC accelerated over the barriers of $112,000 and $113,500.
BTC/USD broke through a negative trendline with resistance at around $111,000 on the hourly chart. The bulls pushed the pair above the resistance of $115,000. The price reached a new all-time high of $116,800 and consolidated gains above the 23.6% Fibonacci retracement line of the uptrend from $110,600 swing low to $116,800 high.
Bitcoin is above $113,500 and the 100-hour SMA. Near $116,000, there is an immediate upward barrier. The first significant resistance is at $116,200. The next hurdle could be $116,800.
A close above the barrier of $116,800 could boost prices. The price could rise to the resistance at $118,000. Further advances could push the price above $118,800. The target could be $120,000.
BTC downward correction?
Bitcoin could fall below $116,800 if it does not rise. Near $115,300, there is immediate support. The first significant support is at $113,700, the 50% Fibonacci retracement level of the uptrend from $110,600 swing low to $116,800 high.
Around $113,200 is the next support. Further losses could push the price towards $112,500. BTC could fall below $110,500, the primary support.
The technical indications
The MACD is rising in the positive zone.
The Relative Strength Index hourly BTC/USD RSI is above 50.
Important support levels: $115,300, $113,700.
