According to Gate News, NewsBTC reports that the price of Bitcoin (BTC) has started a new round of rise from the $98250 area. BTC is currently in a consolidation phase and may break through the resistance level of $106500.
The BTC/USD hourly chart has broken through the key bearish trend line, with the resistance level at $101,500. The currency pair has surpassed the 61.8% Fibonacci retracement level from the swing high of $106,470 to the low of $98,277.
Ultimately, the price is approaching the level of 106000 USD. The current trading price of Bitcoin is above 104000 USD and the 100-hour simple moving average. It is also above the 76.4% Fibonacci retracement level of the downward trend from the swing high of 106470 USD to the swing low of 98277 USD.
(Source: Trading View)
On the upside, direct resistance levels are around 106,000 USD. The first key resistance level is around 106,200 USD. The next key resistance level may be 106,500 USD. If the closing price breaks through the 106,500 USD resistance level, it may further push the price higher. In this case, the price may rise and test the 108,000 USD resistance level. If it continues to rise, the price may fall towards 110,000 USD.
If Bitcoin fails to break through the resistance level of $106,000, it may fall again. The current support level is around $104,000. The first major support level is around $103,500.
Currently, the next support level is around $102,500. If the price falls further, it may drop to the support level of $101,200 in the short term. The main support level is at $100,000; if this support level is broken, BTC may struggle to find buyers.
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Bitcoin (BTC) starts a new round of pump: in the consolidation phase, may break through the 106,500 resistance level.
According to Gate News, NewsBTC reports that the price of Bitcoin (BTC) has started a new round of rise from the $98250 area. BTC is currently in a consolidation phase and may break through the resistance level of $106500.
The BTC/USD hourly chart has broken through the key bearish trend line, with the resistance level at $101,500. The currency pair has surpassed the 61.8% Fibonacci retracement level from the swing high of $106,470 to the low of $98,277.
Ultimately, the price is approaching the level of 106000 USD. The current trading price of Bitcoin is above 104000 USD and the 100-hour simple moving average. It is also above the 76.4% Fibonacci retracement level of the downward trend from the swing high of 106470 USD to the swing low of 98277 USD.
(Source: Trading View)
On the upside, direct resistance levels are around 106,000 USD. The first key resistance level is around 106,200 USD. The next key resistance level may be 106,500 USD. If the closing price breaks through the 106,500 USD resistance level, it may further push the price higher. In this case, the price may rise and test the 108,000 USD resistance level. If it continues to rise, the price may fall towards 110,000 USD.
If Bitcoin fails to break through the resistance level of $106,000, it may fall again. The current support level is around $104,000. The first major support level is around $103,500.
Currently, the next support level is around $102,500. If the price falls further, it may drop to the support level of $101,200 in the short term. The main support level is at $100,000; if this support level is broken, BTC may struggle to find buyers.