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Bitcoin Price Surges, Nearing $106,500 Resistance
The latest bitcoin news shows a significant recovery as prices surge past the $105,000 mark. Currently, Bitcoin is consolidating its gains, possibly gearing up to challenge the $106,500 resistance level. The cryptocurrency is trading robustly above both the $105,000 mark and the 100 hourly Simple Moving Average, signaling a strong bullish undertone.
Current Market Dynamics
A supportive bullish trend line has emerged, with current support placed at $105,350 on the hourly chart of the BTC/USD pair. This trend suggests a sustained bullish sentiment in the market. However, if Bitcoin breaks below the $104,000 support, it may trigger a fresh decline.
Recent Rally and Potential Highs
Following a dip below the $102,500 support, Bitcoin’s price briefly approached the $100,000 level before rebounding sharply. This recovery saw it ascend past several key resistance levels, finally stalling around a high of $106,426. The price is now comfortably above the 23.6% Fibonacci retracement level from the recent swing low of $100,400 to a high of $106,426.
Looking ahead, Bitcoin faces immediate resistance at $106,200, with more significant hurdles at $106,500 and $107,600. Surpassing these could propel Bitcoin towards the $108,800 level, and potentially even to $110,000 if the momentum persists.
Risks of Another Decline
Should Bitcoin fail to overcome the $106,200 resistance, there’s a risk of another downturn. Immediate support is found near the $105,200 level, with more substantial support at $103,500, aligning with the 50% Fibonacci retracement of the recent upward move. Further losses could potentially push Bitcoin back towards the $100,500 level, with critical support at $100,000.
Technical Indicators
The Hourly MACD is accelerating in the bullish zone, and the RSI for BTC/USD is above 50, indicating positive momentum. Major support levels stand at $105,200 and $103,500, while resistance levels are at $106,200 and $107,600.
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