Bitcoin Price Blasts to New All-Time High — Bulls | Crypto News

Bitcoin Price Blasts to New All-Time High — Bulls | Crypto News

Bitcoin price began a contemporary increase and traded to a new all-time high above the $109,000 zone. BTC is now consolidating and would possibly purpose for an increase toward $112,000

• Bitcoin began a contemporary upward transfer from the $106,000 zone.
• The price is trading above $107,000 and the 100 hourly Simple transferring average.
• There is a key bullish pattern line forming with help at $107,800 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might gain bullish momentum if it clears the $110,850 resistance.

Bitcoin Price Sets New ATH

Bitcoin price began a contemporary increase from the $104,200 help zone. BTC fashioned a base and was ready to clear the $106,000 resistance zone. The bulls pushed the price above $107,500.

The bulls even pumped the price above the $109,000 resistance zone. The price traded to a new all-time high close to $110,698 and is presently consolidating features above the 23.6% Fib retracement degree of the upward transfer from the $104,270 swing low to the $110,698 high.

Bitcoin is now trading above $108,000 and the 100 hourly Simple transferring average. There is also a key bullish pattern line forming with help at $107,800 on the hourly chart of the BTC/USD pair.

On the upside, speedy resistance is close to the $110,850 degree. The first key resistance is close to the $112,000 degree. The next key resistance might be $112,500. A close above the $112,500 resistance would possibly ship the price additional increased. In the said case, the price might rise and check the $113,800 resistance degree. Any more features would possibly ship the price toward the $115,000 degree.

Are Dips Limited In BTC?

If Bitcoin fails to rise above the $112,000 resistance zone, it might begin one other correction. Immediate help on the draw back is close to the $109,000 degree. The first main help is close to the $107,500 degree, the pattern line, and the 50% Fib retracement degree of the upward transfer from the $104,270 swing low to the $110,698 high.

The next help is now close to the $106,500 zone. Any more losses would possibly ship the price toward the $105,000 help in the close to time period. The major help sits at $104,200, below which BTC would possibly gain bearish momentum.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.

Major Support Levels – $109,000, adopted by $107,500.

Major Resistance Levels – $110,850 and $112,000.

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