Bitcoin Price Inches Toward All-Time High — Can | Crypto News

Bitcoin Price Inches Toward All-Time High — Can | Crypto News

Bitcoin price began a recent increase and cleared the $105,500 zone. BTC is now consolidating and may purpose for one other increase toward $108,000

• Bitcoin began a recent upward transfer from the $102,500 zone.
• The price is trading above $103,500 and the 100 hourly Simple transferring average.
• There is a key bullish pattern line forming with assist at $104,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might gain bullish momentum if it clears the $106,000 resistance.

Bitcoin Price Extends Gains

Bitcoin price began a recent increase from the $102,500 assist zone. BTC shaped a base and was ready to clear the $103,500 resistance zone. The bulls even pushed the price above $104,200.

The bulls even pumped the price above $105,000. A high was shaped at $107,042 and the price is now correcting features. There was a transfer below the $105,500 stage. The price dipped below the 50% Fib retracement stage of the upward transfer from the $103,346 swing low to the $107,042 high.

However, it’s steady above $104,000. There is also a key bullish pattern line forming with assist at $104,200 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $104,500 and the 100 hourly Simple transferring average.

On the upside, rapid resistance is close to the $105,500 stage. The first key resistance is close to the $106,000 stage. The next key resistance might be $107,500. A close above the $107,500 resistance may ship the price additional increased. In the said case, the price might rise and check the $108,800 resistance stage. Any more features may ship the price toward the $110,000 stage and a new all-time high.

Another Decline In BTC?

If Bitcoin fails to rise above the $105,500 resistance zone, it might begin one other correction. Immediate assist on the draw back is close to the $104,500 stage. The first main assist is close to the $104,200 stage and the pattern line.

The next assist is now close to the $103,500 zone. Any more losses may ship the price toward the $102,200 assist in the close to time period. The primary assist sits at $100,500, below which BTC may gain bearish momentum.

Technical indicators:

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

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

Major Support Levels – $104,200, adopted by $103,500.

Major Resistance Levels – $105,500 and $106,000.

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