Bitcoin Price Movement

Bitcoin price started a fresh increase above the $107,500 zone but is struggling to clear the $110,500 resistance, leading to potential corrections.

• Bitcoin initiated a fresh upward move above $108,000.
• Current trading above $107,800 and the 100 hourly Simple Moving Average.
• A break occurred below a bullish trend line with support at $109,450 on the hourly BTC/USD pair chart (data feed from Kraken).
• The pair may surge if it clears the $110,000 resistance zone.

Bitcoin Price Correction

Bitcoin began increasing after settling above the $105,500 support. It surpassed the $106,500 and $108,000 resistance levels. The bulls drove the price above $109,200, reaching a high near $110,375, followed by a correction of gains. A decline below the 23.6% Fib retracement level from the $105,477 swing low to the $110,373 high was observed.

Additionally, a break below the bullish trend line at the $109,450 support on the hourly BTC/USD chart occurred. Current trading is above $107,500 and the 100 hourly Simple Moving Average. Immediate resistance is near $109,250, with the first key resistance at $110,000. A close above $110,500 may lead to a rise towards $112,000 or even $115,000.

Potential Decline in BTC

If Bitcoin cannot break above the $110,000 resistance, a decline could commence. Immediate support is near $108,000 and the 50% Fib retracement level of the move from $105,477 to $110,373 high. The first significant support is around $107,350, followed by $106,550. More losses could push the price towards the $105,500 support with major support at $105,000, below which bearish momentum may occur.

Technical Indicators

• Hourly MACD: Losing momentum in the bullish zone.
• Hourly RSI (Relative Strength Index): Below the 50 mark.

Major Support Levels

• $108,000
• $107,350

Major Resistance Levels

• $110,000
• $110,500