Bitcoin Price Blasts to New All-Time High — Bulls Take the Lead

Bitcoin price started a fresh increase and traded to a new all-time high above the $109,000 zone. BTC is now consolidating and might aim for an increase toward $112,000

• Bitcoin started a fresh upward move from the $106,000 zone.
• The price is trading above $107,000 and the 100 hourly Simple moving average.
• There is a key bullish trend line forming with support at $107,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could gain bullish momentum if it clears the $110,850 resistance.

Bitcoin price started a fresh increase from the $104,200 support zone. BTC formed a base and was able to clear the $106,000 resistance zone. The bulls pushed the price above $107,500.

The bulls even pumped the price above the $109,000 resistance zone. The price traded to a new all-time high near $110,698 and is currently consolidating gains above the 23.6% Fib retracement level of the upward move from the $104,270 swing low to the $110,698 high.

Bitcoin is now trading above $108,000 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $107,800 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $110,850 level. The first key resistance is near the $112,000 level. The next key resistance could be $112,500. A close above the $112,500 resistance might send the price further higher. In the stated case, the price could rise and test the $113,800 resistance level. Any more gains might send the price toward the $115,000 level.

If Bitcoin fails to rise above the $112,000 resistance zone, it could start another correction. Immediate support on the downside is near the $109,000 level. The first major support is near the $107,500 level, the trend line, and the 50% Fib retracement level of the upward move from the $104,270 swing low to the $110,698 high.

The next support is now near the $106,500 zone. Any more losses might send the price toward the $105,000 support in the near term. The main support sits at $104,200, below which BTC might gain bearish momentum.

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 – $109,000, followed by $107,500.

Major Resistance Levels – $110,850 and $112,000.