Bitcoin Price Resumes Upward Move — Can It Break New Highs?

Bitcoin price started a fresh increase above the $108,500 zone. BTC is now consolidating and might aim for more gains above the $110,000 resistance.

•Bitcoin started a fresh increase above the $108,500 zone.

•The price is trading above $108,500 and the 100 hourly Simple moving average.

•There was a break above a key bearish trend line with resistance at $109,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).

•The pair could start a fresh increase if it stays above the $108,350 zone.

Bitcoin Price Eyes More Gains

Bitcoin price started a fresh increase after it settled above the $107,500 resistance. $BTC cleared many hurdles near $108,000 to start a decent increase.

The bulls pushed the price in a positive zone above the $108,500 level. The price gained pace for a move above the 50% Fib retracement level of the downward move from the $110,515 swing high to the $107,299 low