Bitcoin Price Rockets to Record High — Bulls Celebrate Milestone

Bitcoin price started a fresh increase above the $110,500 zone. BTC is now up over 5%, traded to a new high, and extend gains above the $116,000 level.

• Bitcoin started a fresh increase above the $112,500 zone.
• The price is trading above $113,500 and the 100 hourly Simple moving average.
• There was a break above a bearish trend line with resistance at $111,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could continue to rise if it clears the $116,800 resistance zone.

Bitcoin price started a fresh increase after it cleared the $110,500 resistance zone. BTC gained pace for a move above the $112,000 and $113,500 resistance.

Besides, there was a break above a bearish trend line with resistance at $111,000 on the hourly chart of the BTC/USD pair. The bulls even pumped the pair above the $115,000 resistance zone. A new all-time high was formed at $116,800 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $110,600 swing low to the $116,800 high.

Bitcoin is now trading above $113,500 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $116,000 level. The first key resistance is near the $116,200 level. The next resistance could be $116,800.

A close above the $116,800 resistance might send the price further higher. In the stated case, the price could rise and test the $118,000 resistance level. Any more gains might send the price toward the $118,800 level. The main target could be $120,000.

If Bitcoin fails to rise above the $116,800 resistance zone, it could start a downside correction. Immediate support is near the $115,300 level. The first major support is near the $113,700 level or the 50% Fib retracement level of the upward move from the $110,600 swing low to the $116,800 high.

The next support is now near the $113,200 zone. Any more losses might send the price toward the $112,500 support in the near term. The main support sits at $110,500, below which BTC might continue to move down.

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 – $115,300, followed by $113,700.

Major Resistance Levels – $116,800 and $118,000.