$BTC Bitcoin Breakout Begins — Is This Just the Start of a Mega Rally?

Bitcoin has once again surged past the $111,600 mark, establishing a new all-time high before pulling back slightly. After dipping to $106,700, BTC found support and began a fresh upward push, breaking through the $107,000 and $108,000 resistance levels. A key breakthrough occurred as BTC/USD broke above a descending trend line with resistance at $107,800, signaling bullish momentum. Currently trading above $109,000 and the 100-hour simple moving average (SMA), Bitcoin is showing signs of stabilization. Immediate resistance lies near $110,000, which aligns with the 61.8% Fibonacci retracement level of the recent pullback. A strong move above this level could open the doors to $110,750 and then $111,800. A decisive close above $111,800 may catapult Bitcoin toward $113,000 or even the $115,000 mark, sparking further bullish momentum.

However, if Bitcoin fails to reclaim $111,000, a short-term correction could follow. Support levels to watch include $108,000, with more substantial support near $107,500 and $106,500. A deeper decline might push prices toward $105,000 or even $103,200. Technically, the MACD is trending upward in positive territory, and the RSI for BTC/USD is holding above 50, reinforcing bullish sentiment for now. As momentum builds, all eyes are on whether this breakout marks the beginning of a larger rally.

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