Bitcoin Price Started a Fresh Increase and Tested the $105,000 Zone

This news article from Benzinga on the recent Bitcoin price movements provides a neutral and factual report on the cryptocurrency's performance. It highlights key support and resistance levels, Fib retracement levels, and the 100 hourly SMA to guide readers through the market trends.

The article also mentions the possibility of further price increases if certain resistance levels are breached, with potential targets at $106,800 and $108,000. Conversely, if Bitcoin fails to sustain gains above $105,000, it could resume its correction toward major support at $102,850, the 50% Fib retracement level.

Overall, the article provides a balanced perspective on Bitcoin's price action, presenting both bullish and bearish scenarios for traders to consider. It's important to note that Benzinga's articles are written by humans and not AI, and they strive for accuracy and relevance in their reporting.output: Bitcoin price started a fresh increase and tested the $105,000 zone. BTC is now consolidating gains above $103,500, and it could continue to rise if there are more buyers above the $104,500 resistance.

Bitcoin Price Consolidates Gains

Bitcoin price began another downside correction after failing to break above the $108,000 resistance zone. BTC sellers defended the $105,500-$106,000 resistance and pushed the price back below the 72.4% Fib retracement level of the downward move from the 2023 year high to the $98,808 swing low.

However, the bears couldn't reduce the price further below the 61.8% Fib retracement level. On the other hand, the bulls showed strength above $101,750 and recovered the 50% Fib retracement level.

Bitcoin Price Remains Above Key Support

Bitcoin is currently trading above the $103,500 support zone and the 100 hourly Simple moving average. There is also a new connecting bullish trend line with support at $103,650 on the hourly chart of the BTC/USD pair.

On the downside, the first major support is at $102,850, which is now also the 50% Fib retracement level of the upward move from the $100,772 swing low to the $104,980 high.

On the upside, immediate resistance is near the $104,500 level. The first key resistance is at $105,000, and the next key resistance could be $105,500. A close above the $105,500 resistance might send the price further higher. In that case, the price could rise and test the $106,800 resistance level. Any further gains might push the price toward the $108,000 zone.

Technical Indicators

Hourly MACD – The MACD is now losing pace in the bullish zone.

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

Major Support Levels – $103,500, followed by $102,850.

Major Resistance Levels – $105,000 and $105,500.