Bitcoin (BTC) price started a fresh increase and cleared the $106,000 zone

Bitcoin price started a fresh increase from the $102,000 support zone. BTC is now rising and might aim for another increase toward $110,000

Bitcoin price started a fresh increase from the $102,000 support zone. BTC formed a base and was able to clear the $104,200 resistance zone. The bulls pushed the price above $105,000. There was a clear move above the 50% Fib retracement level of the downward move from the $107,042 swing high to the $102,100 low. It opened the doors for a move above the $106,000 resistance zone.

The current price action is positive since the price settled above the 76.4% Fib retracement level of the downward move from the $107,042 swing high to the $102,100 low. There is also a short-term bullish trend line forming with support at $105,800 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading above $105,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $107,000 level. The first key resistance is near the $107,200 level. The next key resistance could be $107,500. A close above the $107,500 resistance might send the price further higher.

In the stated case, the price could rise and test the $108,800 resistance level. Any more gains might send the price toward the $110,000 level and a new all-time high.

If Bitcoin fails to rise above the $107,000 resistance zone, it could start another correction. Immediate support on the downside is near the $105,800 level. The first major support is near the $105,000 level. The next support is now near the $104,200 zone. Any more losses might send the price toward the $103,500 support in the near term. The main support sits at $102,500, below which BTC might gain bearish momentum.

Technical indicators:

Hourly MACD - The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) - The RSI for BTC/USD is now above the 50 level.

Major Support Levels - $104,200, followed by $103,500.

Major Resistance Levels - $107,000 and $107,500.