đ Bitcoin Blasts Through $105K â Is the Bull Run Reigniting?
Bitcoin began a rebound over $105,000. BTC is stabilizing and may break $106,500.
Above $105,000, Bitcoin began a rebound.
The price is over $105,000 and the 100-hour SMA.
The hourly BTC/USD chart shows a bullish trend line with support at $105,350.
Breaking the $104,000 support zone might restart the downturn.
Bitcoin Price Restarts Rise
Bitcoin fell below the $102,500 support zone. BTC traded around $100,000 before the bulls emerged.
After a low, the price rose over $103,500. Bulls broke $105,000 resistance. Price is consolidating gains above the 23.6% Fib retracement line of the upward advance from the $100,400 swing low to the $106,426 high.
Bitcoin is over $105,000 and the 100-hour SMA. The hourly BTC/USD chart shows a bullish trend line with support at $105,350.
Near $106,200 is immediate upward barrier. First major resistance is around $106,500. The next hurdle may be $107,600. A closing above $107,600 resistance might boost prices. The price may soar to $108,800 resistance. Further advances might push the price beyond $110,000.
Another BTC Drop?
Bitcoin may fall again if it fails to break $106,200. Near $105,200 and the trend line is immediate support. The first key support is at $103,500, the 50% Fib retracement level of the $100,400 swing low to $106,426 high.
The next support is at $102,000. More losses might push the price beyond $100,500. BTC may go below $100,000, the primary support.
The technical indications
The MACD is rising in the positive zone.
Relative Strength Index hourly BTC/USD RSI is over 50.
Major Support Levels: $105,200, $103,500.
Major Resistance: $106,200, $107,600.
