Bitcoin (BTC) has just recorded a new rise to the sky and set a new all-time high (ATH) at the zone $111,600. Currently, BTC is trading in the accumulation zone and may soon begin a new bullish phase if it surpasses the resistance level of $111,000.
New Bullish Momentum From Zone $106,800
After adjusting down to the zone of $106,700, Bitcoin has bounced back strongly. The price quickly surpassed important resistance levels at $107,000 and $108,000.
Notably, BTC has broken the main downtrend line with resistance at $107,800 on the hourly chart of the BTC/USD pair (data source from Kraken).
Currently, BTC is trading above $109,000 and above the 100-hour simple moving average (100 SMA), indicating that the bullish trend is still dominant.
Important Resistance Levels
Nearest resistance: $110,000 — this is the zone corresponding to the 61.8% Fib retracement level of the drop from $111,983 to $106,672. Next resistance: $110,750 and the old peak of $111,800. If BTC can close above the zone of $111,800, the bullish momentum could be extended towards the target of $113,000, and even further to $115,000 in the short term.
Could a Price Drop Scenario Happen?
If Bitcoin cannot surpass the threshold of $111,000, a price correction may occur. The nearest support zones include:
$108,000: immediate support.$107,500: first major support.$106,500: next important support zone.If it drops further, the price may test the zone $105,000, and $103,200 is considered the last strong support level before the bearish trend becomes more severe.
Technical Indicator
Hourly MACD: accelerating in the positive zone, giving a bullish signal. Hourly RSI: above 50, confirming the current bullish trend.
Conclusion
The price of Bitcoin is showing strong bullish signals after setting a new peak above $111,600. If the buyers can maintain momentum and break through the $111,800 zone, BTC could very well move towards higher levels such as $113,000 or $115,000. However, in the event of a correction, the support zones around $107,500 - $106,500 will play a crucial role in maintaining the bullish structure.
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