Bitcoin News

Bitcoin price is attempting to recover above $107,500 and $108,000. BTC could continue to move up if it clears the $109,500 resistance zone. Bitcoin started a fresh recovery wave above the $105,000 resistance level. The price is trading above $108,000 and the 100 hourly Simple moving average. There was a break above a bearish trend line with resistance at $107,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to move up if it trades above the $109,500 zone. Bitcoin Price Eyes Recovery Bitcoin price failed to surpass the $110,000 resistance level and started a fresh decline. BTC dipped below the $108,000 and $106,500 support levels to enter a bearish zone. The price even dipped below $105,000. A low was formed at $103,583 and the price is correcting some losses. There was a move above the 23.6% Fib retracement level of the recent decline from the $115,975 swing high to the $103,583 low. Besides, there was a break above a bearish trend line with resistance at $107,500 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $108,000 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $109,500 level. The first key resistance is near the $110,000 level. The next resistance could be $111,250 and the 61.8% Fib retracement level of the recent decline from the $115,975 swing high to the $103,583 low. A close above the $111,250 resistance might send the price further higher. In the stated case, the price could rise and test the $112,500 resistance. Any more gains might send the price toward the $113,200 level. The next barrier for the bulls could be $115,000. Another Decline In BTC? If Bitcoin fails to rise above the $110,000 resistance zone, it could start a fresh decline. Immediate support is near the $108,000 level. The first major support is near the $107,500 level. The next support is now near the $106,200 zone. Any more losses might send the price toward the $105,500 support in the near term. The main support sits at $103,500, below which BTC might struggle to recover in the short term. 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 - $108,000, followed by $106,500. Major Resistance Levels - $109,500 and $111,250.