Bitcoin Is Facing Significant Barriers — Can Buyers Overcome Them?

Bitcoin has started to rise again in the zone of $108,000. BTC is currently consolidating and may begin to rise further if it surpasses the level of $110,750. Bitcoin has started a new uptrend above $107,500. The price is trading above $108,500 and the 100-hour simple moving average. There is a bullish trend line forming with support at $109,200 on the hourly chart of the BTC/USD pair ( data from Kraken ). This pair could see significant growth if it breaks through the resistance level of $110,750. Bitcoin Price Solidifies Increase The price of Bitcoin has found support near the zone of $106,650 and has recently started to adjust upwards. BTC is trading above the resistance levels of $107,500 and $108,000. There has been a move that exceeds the 50% Fibonacci retracement level of the recent decline from a high of $111,982 to a low of $106,672. The price even surged above the resistance zone of $110,000. However, the bears are still active near the level of $110,200. The price cannot stabilize above the Fib retracement level of 61.8% of the recent drop from a high of $111,982 to a low of $106,672. Bitcoin is currently trading above $108,500 and the 100-hour simple moving average. Additionally, there is a bullish trend line connecting forming with support at $109,200 on the hourly chart of the BTC/USD pair.

On the positive side, the immediate resistance level is near $110,000. The first important resistance level is around $110,750. The next important resistance level could be $111,800. A close above the resistance level of $111,800 could push the price even higher. In the stated case, the price could rise and test the resistance level of $113,000. Any further increase could push the price up to $115,000. Another Price Drop of BTC? If Bitcoin cannot break through the resistance zone of 110,000 dollars, it may start another correction. Immediate support on the downside is near the level of 109,200 dollars. The first major support is near the level of 108,500 dollars. The next support level is currently near the zone of $107,500. Any further losses could push the price down to the support level of $106,200 in the near future. The main support level is at $105,000; below this level, BTC could gain downward momentum. Technical indicators: Hourly MACD - The MACD is currently slowing down in the bullish zone. The hourly relative strength index (RSI) – The RSI for BTC/USD is currently above 50. Key support level – 108,500 dollars, followed by 107,500 dollars. Key resistance levels – $110,000 and $110,750.