Recently, Bitcoin's price has once again shown strong upward momentum, starting a new round of rising from the $108,000 area and breaking through the key resistance area of $111,500, setting a new historical high. Currently, the BTC price is in a high-level consolidation phase, with the short-term target possibly pointing to the $113,200 mark.
Bitcoin's price has risen again, forming a new historical high.
Starting from the bottom area of $105,000, Bitcoin bulls have regained control of the market, and the price has launched a strong rebound since then. It first broke through the resistance level of $108,000 and successfully stood above the psychological level of $110,000 in a short time, marking a strengthening of market sentiment.
With the continuous strength of the bulls, the BTC price further broke through the key resistance of $111,500, briefly touching $111,980 within the day, refreshing the historical highest price. The current price is running above the 23.6% Fibonacci retracement level of the upward trend from $104,270 to $111,980, indicating that the upward momentum still has continuity.
Meanwhile, the hourly chart of Bitcoin shows that its price is stable above $109,000 and continues to stay above the 100-hour simple moving average (SMA), with the technical aspect continuing to release positive signals.
Technical structure: The support and resistance zones of the trendline are clear.
From the hourly chart of BTC/USD, a stable bullish trendline is currently forming, with its key support level around $110,000, becoming the core area for market bulls and bears in the short term.
On the upside, the direct resistance level appears near $112,000, which is significant for short-term bulls as a breakthrough. If this level is effectively broken, the first strong resistance will appear in the $112,500 area, and further above is the target price of $113,200.
If it can smoothly break above $113,200 and stabilize, the BTC price may welcome a new round of upward momentum, expected to test the $115,000 mark, and may even extend the increase to the higher target of $118,000.
If faced with resistance and a correction, which support levels are worth paying attention to?
If Bitcoin encounters resistance at $112,000 and fails to break through smoothly, the market may experience a price correction in the short term. At this time, the first support level is near $110,000, which is the current trendline support area.
Once $110,000 is lost, the price may drop to $108,200, which corresponds to the 50% Fibonacci retracement level of the upward segment from $104,270 to $111,980. The support strength in this area is crucial for maintaining the medium-term upward trend.
If the downward trend further expands, $107,200 will be the next key support area. If it cannot stop the decline, the BTC price may test the core support levels of $106,000 or even $105,000 in the short term. Once it breaks below the $105,000 mark, Bitcoin may gain significant bearish momentum, leading to increased risks of further decline.
Technical indicators analysis
Hourly MACD: The current MACD indicator is in the bullish zone, and momentum is showing an accelerating trend, indicating that there is still upward momentum in the short term.
Hourly RSI (Relative Strength Index): The RSI remains above the 50 level, suggesting that the overall market sentiment is still skewed towards the bullish side.
Review of key technical levels
Major support levels: $110,000, $108,200, $107,200, $105,000;
Key resistance levels: $112,000, $112,500, $113,200; if broken, look towards $115,000 and $118,000.
Overall, Bitcoin is currently in a bullish technical structure, with a clear bullish trend. As long as the support at $110,000 is not effectively broken, the BTC price is still expected to challenge higher targets. For investors, it is important to focus on the breakout situations of the two key resistance levels at $112,000 and $113,200 in the short term; if the breakout is effective, it may open further upside potential.