Bitcoin, the world’s largest cryptocurrency, is once again making waves in the market with its recent upward momentum. After breaking past the $104,000 resistance zone, BTC is showing strong signs of targeting a new all-time high (ATH).
In the past 24 hours, Bitcoin gained significant traction, surpassing $103,500 and moving above the $104,500 mark. This bullish momentum has placed Bitcoin well above the 100-hourly simple moving average, reinforcing investor optimism.
Key Resistance Levels to Watch
Currently, Bitcoin faces immediate resistance near the $107,000 mark, which corresponds to the 76.4% Fibonacci retracement level of its recent downward correction from $109,112 to $100,114. If BTC clears this hurdle, the next key target lies at $109,000. A breakout above $109,000 could open the doors to $110,000 or even $112,500, setting a new ATH.
Support Levels to Monitor
However, a downside correction remains a possibility if Bitcoin fails to maintain its current momentum. The first support lies at $104,500, followed by the crucial $103,500 zone. Any further drop could push BTC towards $102,800, with $100,500 acting as a strong floor.
Technical Analysis
- MACD: The hourly MACD for BTC/USD is gaining pace in the bullish zone, indicating positive momentum.
- RSI: The Relative Strength Index (RSI) has remained above the neutral 50 level, signaling market strength.
Market Outlook
Bitcoin’s resilience above the $104,000 level suggests a bullish trend, but traders should watch closely for movements around the $107,000 resistance. Breaking past this zone could propel BTC to uncharted territory.
