Bitcoin (BTC) is holding firm above the $108,500 mark as bulls eye a potential breakout beyond the $110,750 resistance zone. After bouncing from support near $106,650, BTC has been consolidating its recent gains and remains above the 100-hourly simple moving average, signaling ongoing bullish strength.
The latest upside push followed a clean move past the $107,500 and $108,000 resistance levels, with Bitcoin even spiking through $110,000 before sellers defended the $110,200 area. This level coincides with the 61.8% Fib retracement from the recent decline between the swing high at $111,982 and the low at $106,672.
Key Levels to Watch: $110,750 and $111,800
According to Kraken’s hourly chart of the BTC/USD pair, a bullish trend line has formed with support around $109,200, offering a potential launch point for the next upward move.
The immediate resistance is at $110,000, with $110,750 acting as a crucial hurdle. Should BTC break and hold above this level, it may open the path to the next major resistance at $111,800, followed by a possible rally toward $113,000 and $115,000 in the short term.
Bulls Must Hold $108.5K to Prevent Downside Risks
On the downside, support lies first at $109,200, with additional key zones at $108,500 and $107,500. A breakdown below $107,500 could expose the price to $106,200, and ultimately $105,000, where stronger bearish momentum may emerge.
Technical indicators suggest that bullish momentum is waning slightly, with the MACD losing pace in the bullish zone and the RSI still holding above 50, a sign that bulls are not yet out of steam.
Bitcoin Bulls vs. Bears: The Battle Continues
BTC is at a critical juncture. A push above $110,750 could reignite the rally toward mid-$110Ks, while rejection at current levels might trigger a short-term pullback. The market’s reaction in the coming hours will likely determine whether Bitcoin continues its march toward new short-term highs or tests deeper support levels first.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
