Oh, what a spectacle it is, my dear readers, as the Bitcoin price has embarked on a fresh journey, soaring to a new all-time high above the $109,000 mark. It seems BTC is now in a state of consolidation, perhaps contemplating its next grand leap toward the $112,000 horizon.
- Bitcoin, in its infinite wisdom, has commenced a fresh upward march from the $106,000 zone, as if it were a noble steed galloping through the fields of prosperity.
- The price, with the grace of a ballerina, now dances above $107,000 and the 100 hourly Simple Moving Average, a true sign of its bullish spirit.
- A key bullish trend line has formed, with support at $107,800 on the hourly chart of the BTC/USD pair (data feed from Kraken), as if the market itself has drawn a line in the sand, daring the bears to cross it.
- Should the price clear the $110,850 resistance, it might just find itself in a realm of even greater heights, where the sky is the limit and the bulls reign supreme.
Bitcoin price, in its ever-so-dramatic fashion, has started a fresh increase from the $104,200 support zone. It formed a base, much like a fortress, and managed to breach the $106,000 resistance zone. The bulls, with their unyielding determination, pushed the price above $107,500, as if they were scaling the highest of mountains.
The bulls, not content with their current conquests, even managed to pump the price above the $109,000 resistance zone. The price traded to a new all-time high near $110,698 and is now consolidating its gains above the 23.6% Fib retracement level of the upward move from the $104,270 swing low to the $110,698 high. It’s as if the market is taking a breath before its next grand ascent.
Bitcoin is now trading above $108,000 and the 100 hourly Simple Moving Average. A key bullish trend line has formed, with support at $107,800 on the hourly chart of the BTC/USD pair, a true testament to the market’s bullish sentiment.
On the upside, immediate resistance is near the $110,850 level. The first key resistance is near the $112,000 level, and the next key resistance could be $112,500. A close above the $112,500 resistance might send the price even higher, perhaps to the $113,800 resistance level. Any more gains might just send the price toward the $115,000 level, a truly fantastical thought.
Are Dips Limited In BTC?
If Bitcoin, in its capricious nature, fails to rise above the $112,000 resistance zone, it might just start another correction, as if it were a pendulum swinging back and forth. 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 just find itself in a bearish mood, as if the winds of fortune have shifted.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone, a true sign of the market’s bullish momentum.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level, indicating that the bulls are in control.
Major Support Levels – $109,000, followed by $107,500.
Major Resistance Levels – $110,850 and $112,000.
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2025-05-22 05:59