Amid the ongoing growth of the cryptocurrency market, Bitcoin is making a confident move toward its all-time high of $108,353. Technical analysis suggests that the bullish trend remains intact, although significant resistance from sellers is anticipated at this level.
Indicators show positive dynamics: the 20-day exponential moving average (EMA) has turned upward and is currently at $98,800, while the Relative Strength Index (RSI) remains in the positive zone. This combination of technical factors indicates a clear advantage for buyers in the market.
If Bitcoin successfully overcomes the key resistance level of $108,353, it could continue its upward movement toward the next target of $126,706. However, if the price encounters active resistance at the current levels, a correction toward the 20-day EMA support level is possible.
Short-term analysis on the 4-hour chart also confirms the strength of buyers. Moving averages are trending upward, and the RSI is in the positive zone. Despite minor resistance at $106,000, technical indicators point to a high likelihood of breaking through this level.
To reverse the current trend, bears would need to push the price below the 20-day EMA, which could lead to a period of consolidation between $90,000 and $108,353. If this support level is breached, the next potential downside targets could be $100,000 and the 50-day simple moving average level.
The current technical outlook indicates that the bullish momentum is intact. However, investors should closely monitor key support and resistance levels to make informed trading decisions.
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