Bitcoin (BTC) Price Starts a Fresh Surge, Clears $105,000 Resistance

Bitcoin price started a fresh surge and cleared the $105,000 resistance. BTC is now showing bullish signs and might soon rally to a new all-time high.

Bitcoin price started a fresh surge and cleared the $105,000 resistance. The cryptocurrency is now showing bullish signs and might soon rally to a new all-time high.

Bitcoin Price Regains Strength

In the last few days, Bitcoin price saw a steady increase above the $100,000 resistance zone. The price surpassed a few key hurdles near the $103,500 resistance zone to set the pace for a larger increase. The upward move was such that the price settled above the $105,000 resistance zone and the 76.4% Fib retracement level of the downward wave from the $109,590 swing high to the $74,500 low.

More importantly, the price cleared a bullish continuation pattern with resistance at $105,000 on the daily chart. The price is now showing bullish signs above the 50-day simple moving average (blue).

Bitcoin price is now trading well above the $105,000 pivot level, the 50-day simple moving average (blue). The current price action suggests that the price could soon rally above $108,000 and trade to a new all-time high.

On the upside, immediate resistance is near the $109,500 level. The first major resistance is near the $112,000 level and a new all-time high. The main resistance could be near the $115,000 zone. A close above the $115,000 resistance might spark more upsides.

The next stop BTC price could be the $117,500 level. It is close to the 1.236 Fib extension level of the downward wave from the $109,590 swing high to the $74,500 low, above which the price could rise toward the $118,800 level.

A daily close above the $118,800 resistance zone could push the price toward the $120,000 level. Any more gains might call for a test of $132,000 since it is close to the 1.618 Fib extension level of the downward wave from the $109,590 swing high to the $74,501 low.

Downside Correction In BTC?

If there is a downside correction, the price might find bids near the $105,000 level or the same channel’s trend line. A downside break and close below the $105,000 support might spark more losses and send the price further lower. In the stated case, Bitcoin could test the $103,500 support.

The next key support could be $101,200 and a connecting bullish trend line on the same chart. If the bulls fail to protect the $101,200 zone, the price could face heavy selling pressure. In the stated case, the price could test the $98,000 support. Any more losses might call for the test of the 50-day simple moving average (blue) at $92,000.

Overall, Bitcoin is showing positive signs and might soon attempt a move above the $108,000 resistance zone. If BTC dips, the bulls could protect the $101,200 support zone in the coming days.