Bitcoin Price Breakout Brewing: Are you just starting a massive gathering?

Bitcoin prices have started a new surge beyond the $102,000 zone. BTC is rising and could be aiming to move towards a $107,500 resistance.

• Bitcoin has begun a significant increase beyond its $100,500 resistance zone.
• The price is traded above $102,500, and is a simple moving average every 100 hours.
• An hourly chart of the BTC/USD pair (data feed from Kraken) forms a bullish trendline for new connections, with support supported at $103,500.
• The pair may start another increase once they clear the $105,000 zone.

Bitcoin prices aim for more profit

Bitcoin prices have begun a new increase from the $96,500 support zone. The BTC formed the base and managed to clear the $98,800 resistance zone. The Bulls even pushed up prices above $102,000.

The pair spiked over $104,500 and tested $105,000. The high was formed at $104,943, and the price currently combines profits above the 23.6% FIB retracement level of the upward movement to $95,825 swing low.

Bitcoin is currently trading over $103,500 and trades a simple moving average every 100 hours. Additionally, the hourly wage chart for the BTC/USD pair forms a bullish trendline for new connections with $103,500 support.

The advantage is that immediate resistance is close to the $104,500 level. The first important resistance is close to the $105,000 level. The next important resistance is $105,500. Over $105,500 resistance could lead to even higher prices. If stated, the price could rise and test a resistance level of $106,200. Any further profit could potentially send the price towards the $108,000 level.

Is dip supported in BTC?

If Bitcoin does not rise beyond the $104,500 resistance zone, it may begin another shortcoming correction. Instant support on the downside is close to the $103,500 level and trendline. The first major support is close to the $102,800 level.

The following support is currently near the $100,500 zone, with an increase in 50% FIB retracement levels from a $95,825 swing to $104,943. Any further losses could send prices towards $98,800 in the short term. The main support is $97,500.

Technical indicators:

HOURLY MACD – MACD is currently increasing its pace in the bullish zone.

Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is above 50 levels.

Key support levels – $103,500, then $102,800.

Major resistance levels – $104,500 and $105,000.