Bitcoin price breakthrough brewing: Is the massive rally just beginning?

Bitcoin prices are starting a new trend above the $102,000 region. BTC is rising and may aim to move towards a $107,500 resistance.

• Bitcoin starts above the $100,500 resistance zone.
• Prices trade over $102,500 and 100-hour simple moving averages.
• On the hourly table of the BTC/USD pair (Kraken’s feed), there is a new connection trend line forming, supporting $103,500.
• If the couple clears the $105,000 area, the couple may increase again.

The goal of Bitcoin price is more

Bitcoin price started a new rise from the $96,500 support zone. BTC forms a foundation and is able to clear the $98,800 resistance zone. The Bulls even raised the price to over $102,000.

The price for two was above $104,500 and tested $105,000. The high price is in the form of $104,943, and the price now has consolidated above the 23.6% rise in FIB recycling levels, down from the swing of $95,825 to the high of $104,943.

Bitcoin is now trading at more than $103,500, while the simple moving average of 100 hours. On the hourly chart of the BTC/USD pairs, there is also a new connection trend line forming, supporting $103,500.

On the plus side, immediate resistance is close to the $104,500 level. The first key resistance is close to the $105,000 level. The next key resistance could be $105,500. Turning off resistors above $105,500 may make the price even higher. In the case of statements, the price may rise and test the resistance level of $106,200. More gains may shift the price to the $108,000 level.

Is inclination supported in BTC?

If Bitcoin fails to exceed the $104,500 resistance zone, another downside correction may begin. Immediate support on the downside is the $103,500 level and trend line. The first major support is close to $102,800.

Now, the next support is the area close to $100,500 and the 50% FIB retracement level moving upward from a $95,825 swing speed to as high as $104,943. In the short term, more losses may send the price to $98,800 in support. The main support is $97,500.

Technical indicators:

Hourly MACD – MACD is now accelerating its pace in the bullish area.

Hour RSI (Relative Strength Index) – The RSI of BTC/USD is now above level 50.

Main support level – $103,500, followed by $102,800.

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