Bitcoin Price Surges Past $105K: Rally or Reversal?
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Bitcoin's price has experienced a significant surge, recovering from lows near $100,000 to surpass the $105,000 mark. This recovery wave shows positive momentum, trading above both the $105,000 zone and the 100-hourly Simple Moving Average. A bullish trend line has formed with support around $105,350, suggesting further potential upward movement. However, the situation is not without risk. A break below the $104,000 support could trigger another decline. The recent high of $106,426 is now a key reference point. The price is currently consolidating above the 23.6% Fibonacci retracement level of the recent upward move, indicating potential for further gains or a pullback. Immediate resistance lies near $106,200, with key resistance levels at $106,500 and $107,600. A decisive break above $107,600 could propel Bitcoin towards $108,800 and even $110,000. Conversely, failure to break through the $106,200 resistance could lead to another price drop. Support levels are identified at $105,200, $103,500, and $102,000, with a major support zone at $100,000. Technical indicators like the hourly MACD and RSI are currently exhibiting bullish signals, with the MACD gaining pace in the bullish zone and the RSI above the 50 level. While the current trend is bullish, traders should remain cautious and monitor these key support and resistance levels to gauge the potential for a sustained rally or a potential reversal.
(Source: https://www.newsbtc.com/analysis/btc/bitcoin-price-bounces-past-105k/)
