Bitcoin [BTC] has maintained its bullish momentum this week, starting a fresh climb above the $107,500 zone and aiming for higher resistance levels that could push the price toward $110,000 if momentum holds steady.
After gaining pace above the $105,000 zone, Bitcoin comfortably cleared $105,500 and $106,500, flipping them into strong supports. Bulls then pushed the flagship crypto above the $107,500 resistance, testing the $108,800 zone with a local high recorded at $108,792.
At the time of writing, Bitcoin is consolidating gains above the 23.6% Fibonacci retracement level, taken from the recent upswing between the $106,477 swing low and the $108,792 high. BTC continues to trade well above the $107,000 mark and the 100-hour Simple Moving Average, a positive sign for the near-term trend.
Key Levels to Watch
The hourly chart of the BTC/USD pair (data feed: Kraken) shows a bullish trend line forming with crucial support at $107,600.
On the upside, immediate resistance sits near $108,800, followed by stronger hurdles at $109,200 and $110,000. If BTC closes above the $109,200 level, momentum could lift prices to the next target at $112,000.
What If BTC Fails to Break Higher?
If Bitcoin struggles to move beyond $108,800, a short-term pullback could unfold. Immediate support sits near $107,800, with the first key support at $107,500, aligning with the trend line. Below that, the next buffer is around $107,200, which is near the 61.8% Fibonacci retracement level of the latest surge.
Any deeper drop could test the main support at $106,500, while losing this mark might shift the momentum to the bears, exposing BTC to further downside toward $105,500.
Technical Indicators Show Bullish Signs
The hourly MACD for BTC/USD is currently gaining pace in the bullish zone, suggesting buying momentum remains healthy. The hourly RSI sits well above 50, another confirmation that bulls still control the trend for now.
Major Support Levels: $107,500, $107,200
Major Resistance Levels: $108,800, $109,200, $110,000
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.
